The accommodation fraud indictment charged that Yao lied about his finances from 1998 to 2002 when he obtained a $25 million interline of acclaim for his company, Income.

PHILADELPHIA (AP) - A magnanimous businessman admitted Wednesday that he lied on bank documents to be prevalent over $40 million in loans on his jet, Nantucket vacation home ground and student-loan company. Andrew N. Yao, 45, of Bryn Mawr, pleaded reprehensible to 10 double-dealing and money-laundering counts that offer a guideline judgement of about four to five years, prosecutors said. Yao was the fall and solitary shareholder of Student Finance Corp., a Delaware-based determined that specialized in trade-school loans and filed for bankruptcy in 2002.

He was convicted of bankruptcy charlatan stand up year in a federal fling in Delaware that revealed he had lied about $669,000 in payments to a mistress, historic Playboy centerfold Alexandria "Lexie" Karlsen Wolfe, and $150,000 in gambling losses at two Las Vegas casinos. Meanwhile, civilian suits filed by his creditors and insurers, some still pending, assert the assemblage spoken for in a pyramid system that led to more than $400 million in losses. "White collar criminals get pleasure from Mr. Yao do spoil to our community through the use of pinchbeck monetary transactions that are often as pernicious and destabilizing as the disfigure done by panacea dealers or those who be born interdicted firearms," said U.S. Attorney Colm F. Connolly of Delaware, whose room prosecuted both malefactor cases.

Yao's place phone numeral is unlisted and his lawyer, Mark Cedrone, did not replacement a invite for remark from The Associated Press. Yao and his wife, Lore, became notable in Philadelphia sociable circles after donating resources to, or serving on the boards of, various civic groups, including the Kimmel Center for the Performing Arts, the Free Library of Philadelphia and the Philadelphia Zoo. They donated at least $500,000 to the Kimmel Center, according to the center's 2002-2003 annual report. The allowance humbug indictment charged that Yao lied about his finances from 1998 to 2002 when he obtained a $25 million lineage of upon for his company, a $4.3 million adverse advance for the jet and a $3 million refinance credit on the Nantucket home.

Yao listed his 2000 receipts as $20 million on the bank loan applications but reported return and distributions totaling about $12.5 million to the IRS, prosecutors said. Also, he said he had $1 million in impartiality on his $1.7 million home, when he in reality had no critical ownership in it, they said. The Yaos cashed out $990,000 through the 2002 mortgage refinancing on the Nantucket residency after settling the preceding $2 million loan, the indictment said.

The sacrificial lamb banks included Wilmington Trust of Pennsylvania, First Union National Bank (now Wachovia) and U.S. Bancorp, authorities said. Yao was sentenced in March to one year in brig on the bankruptcy fraud, but remains free and easy on attraction in that case.

He was released on restraint Wednesday in the loan quack case, with sentencing set for Sept. 5.

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