Ex-United Commercial Execs Charged With Fraud

Law360, New York (October 11, 2011, 7:59 PM EDT) -- Prosecutors and securities regulators on Tuesday accused former executives at San Francisco-based United Commercial Bank of lying to investors about $65 million in loan losses during the financial crisis.

The U.S. Securities and Exchange Commission, which filed a securities fraud lawsuit, claims that former United Commercial CEO Thomas Wu, Chief Operating Officer Ebrahim Shabudin and senior officer Thomas Yu concealed losses on loans and other assets from auditors.

Prosecutors in California's Northern District brought parallel charges against Yu and Shabudin, making them the first of executives...
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