It wouldn't take an expensive spiritual adviser to explain why life has taken a turn for the worse for Yu Jane Chen or Yi Feng Reid.
It's called karma - and the New Jersey Attorney General's Office says that both women are knee-deep in some of the bad kind.
Chen, 42, of Philadelphia, and Reid, 47, of Closter, Bergen County, were indicted yesterday on charges of conspiracy, theft and money-laundering for allegedly engineering a mortgage-fraud scheme that brought in more than $1.15 million.
Chen, who has not been apprehended, and Reid spent their stolen loot at jewelry stores, toy stores, supermarkets and thousands on a spiritual adviser, New Jersey Attorney General Anne Milgram said.
She said in a news release that Reid also used the money to pay for pony rides and a nanny, and that Chen used the illegal proceeds to pay off other business expenses.
"It is the kind of greed-driven fraud that is harmful not only to those who were directly victimized but, ultimately, to consumers and legitimate businesses throughout the industry," Milgram said.
Chen and Reid ran a mortgage and small-business loan firm in Bergen County, using customer IDs to obtain mortgages, loans and unauthorized credit cards for themselves from 2004 through mid-2007, Milgram said.
Two other suspects, George Liu, 33, and Ji Gang Chen, 53, also were charged with conspiracy, for allegedly taking mortgages out on relatives' homes with the help of Reid and Chen.
Liu and Ji Gang Chen both now live in China, Milgram said. Reid was arrested in California, and is out on $50,000 bail.
In total, authorities said, seven mortgages worth $850,000 were taken out with stolen identities and false information. Chen and Reid also took 13 loans from banks in Pennsylvania, New Jersey and New York, and credit accounts worth more than $300,000 were opened using stolen identities, Milgram said.
|
|
|
|
|
|
Philly.com news blogs
MOST POPULAR PHILLY.COM PHOTOS
Philly.com news columnists
Philly.com Promotions
