SFC Chief Convicted Of Bankruptcy Fraud
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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