Former United Commercial Bank Officials Charged with Securities Fraud

Former Chief Credit Officer and Former Senior Vice President Charged; TARP Lost $298 Million; FDIC Losses Estimated at $2.5 Billion

U.S. Attorney’s Office October 11, 2011
Northern District of California(415) 436-7200

SAN FRANCISCO—A federal grand jury in San Francisco has charged Ebrahim Shabudin, of Moraga, Calif., and Thomas Yu, of San Ramon, Calif., with conspiracy to commit securities fraud, securities fraud, falsifying corporate books and records, and lying to auditors, United States Attorney Melinda Haag announced.

“The indictment alleges that UCBH bank officials conspired to hide loan losses, lie to their outside auditors, and mislead regulators and the investing public,â€