Newport Beach Couple Accused Of $130M Bank Scam

SANTA ANA (AP) — A Southern California couple has been arrested on charges that they bilked eight banks out of $130 million.

Federal prosecutors say 61-year-old Thomas Chia Fu and his 48-year-old wife, Cheri L. Shyu, were arrested Thursday at their Newport Beach home, a day after a grand jury indicted them on bank fraud charges. They face up to 30 years in prison if convicted.

It wasn't immediately clear whether the couple had an attorney. An arraignment was set for Thursday afternoon.

Fu and his wife obtained a $130 million revolving line of credit in 2006 from a consortium of banks, including Bank of America Corp., for their Anaheim-based importing business, Galleria USA.

Prosecutors claim the couple inflated their sales and inventory to obtain the credit, and faked documents to support the fraud.

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