PHILADELPHIA AP - A philanthropic businessman admitted Wednesday that he lied on bank documents to obtain over $40 million in loans on his jet, Nantucket vacation home and student-loan company.Andrew N. Yao, 45, of Bryn Mawr, pleaded guilty to 10 fraud and money-laundering counts that carry a guideline sentence of about four to five years, prosecutors said.
June 05, 2008 at 12:00 AM
1 minute read
PHILADELPHIA AP – A philanthropic businessman admitted Wednesday that he lied on bank documents to obtain over $40 million in loans on his jet, Nantucket vacation home and student-loan company.
Andrew N. Yao, 45, of Bryn Mawr, pleaded guilty to 10 fraud and money-laundering counts that carry a guideline sentence of about four to five years, prosecutors said.
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