SFC Chief Convicted Of Bankruptcy Fraud

Law360, New York (March 15, 2007, 12:00 AM EDT) -- Andrew N. Yao, the former head of now-bankrupt Student Finance Corp., was found guilty Wednesday of lying during a bankruptcy deposition.

After a three-day trial, a federal jury in Wilmington, Del., convicted Yao of two counts of bankruptcy fraud related to Student Finance Corp.’s 2002 collapse.

He now faces up to five years in prison. Moreover, he is awaiting another trial in Pennsylvania in which he is accused of making false statements, mail fraud, wire fraud and money laundering.

During the trial, Yao’s attorneys conceded that...
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