Saturday, November 28, 2015

Home Equity Thefts By Naughty Children Not Limited To U.S.: Son 'Shanghais' $250K Loan Proceeds Using Forged Docs Pledging Unwitting Parents' Home As Collateral; Gets 10+ Years In Chinese Prison

In Shanghai, China, the Shanghai Daily reports:
  • A MAN who used forged documents to secure a 1.6 million yuan (US$250,000) mortgage against his parents’ home has been sentenced to 10 and a half years in prison, Jing’an District People’s Court said [].

    The 33-year-old defendant, identified only by his surname Li, was found guilty of contract fraud after employing a forger to replicate a title deed and other documents.

    The counterfeiter, surnamed Fu, was given a 10-month prison sentence for his part in the crime, while Li’s girlfriend, surnamed Tao, was jailed for three years for aiding and abetting after posing as the defendant’s wife during the loan application process.

    Prosecutors said in court that Li was a gambling addict who turned to crime after running up debts of more than 2 million yuan. The court did not say which company extended the loan, but said the fraud came to light in January of this year when officials from the lender noticed the repayments were not being met, and contacted the defendant’s father.

    The father was unaware of the crime, but pointed police in the direction of his son who was living in Chongming County.

    Li was detained soon after, while Tao surrendered herself to the police in April and provided information that led to Fu’s arrest.

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