| FOR IMMEDIATE RELEASE December 3, 2008 WWW.USDOJ.GOV/USAO/CAN |
SAN FRANCISCO – United States Attorney Joseph P. Russoniello announced that Alex Cheuck Kin Yan of Oakland, Calif., made his initial appearance in federal court in San Francisco today before United States Magistrate Judge Edward M. Chen. A federal grand jury in San Francisco had previously indicted Mr. Yan on a charge of bank embezzlement. Mr. Yan is scheduled for his next appearance in federal court on Monday at 10 a.m. before United States District Court Judge Marilyn Hall Patel.
According to the indictment, Mr. Yan, 48, is alleged to have embezzled funds when he was an employee at United Commercial Bank, a federally insured financial institution. Mr. Yan was released today on a $200,000 unsecured bond signed by himself and his wife.
The maximum statutory penalty for each count of bank embezzlement, in violation of18 U.S.C. § 656, is 30 years and a fine of $1 million, plus restitution if appropriate. However, any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.
Christina Hua is the Assistant U.S. Attorney who is prosecuting the case with the assistance of Wilson Wong. The prosecution is the result of a one-year investigation by the Federal Bureau of Investigation.
Please note, an indictment contains only allegations against an individual and, as with all defendants, Mr. Yan must be presumed innocent unless and until proven guilty.
Further Information:
Case #: CR 08-0828 MHP
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