A Newport Coast couple face up to 30 years in prison for allegedly lying to a consortium of banks in order to establish a $130-million line of credit for their home décor business, federal prosecutors said Thursday.
Thomas Chia Fu, 61, and his wife, Cheri Shyu, 48, are charged with nine counts of bank fraud for submitting allegedly fraudulent business records to Bank of America and other institutions.
The couple are accused of exaggerating business expenses by up to 100 times, according to court records.
Shyu, who also goes by Cheri Fu, owned Galleria USA Inc., a home décor business in Anaheim. Her husband was the chief financial officer, secretary and treasurer.