Steven Chen Yu, Wire Fraud, Texas 2013
DALLAS — Steven Chen Yu, 40, of Allen, Texas, was sentenced to 51 months in federal prison for embezzling approximately $1 million from his employer, Hudson Advisors, LLC, in a wire fraud scheme.
Yu was authorized by Hudson to access all of J.G.'s personal financial information as part of his duties as a private client manager. Between September 2009 and March 2012, Yu engaged in several fraudulent acts that enabled him to embezzle substantial funds belonging to J.G.
For example, in September and October 2009, Yu fraudulently re-submitted duplicate invoices for legitimate repair work that had been done on J.G.'s boat, knowing that the invoices had already been paid. Yu substituted his own personal bank account information, and in this manner, was able to fraudulently divert and embezzle $150,572 from J.G.'s accounts.
In another scheme, Yu defrauded J.G. by using duplicate invoices for landscaping work that had previously been done on J.G.'s personal residence in Massachusetts. Yu was able to fraudulently divert and embezzle more than $69,000 in funds from one of J.G.'s trust accounts for duplicate payment on the landscaping work.
The FBI conducted the investigation, and Assistant U.S. Attorney David L. Jarvis prosecuted the case. Yu's sentence was handed down by U.S. District Judge Jane J. Boyle on April 9, 2014.
Yu was also ordered to pay approximately $365,000 in restitution.
Hudson Advisors, LLC is a globally integrated asset management company that performed due diligence and analysis, asset management and other support services for Lone Star Funds, a leading private equity firm that invested globally in distressed assets.
Key Facts
- State: Texas
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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