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

PHILADELPHIA - A charitable businessman admitted Wednesday that he lied on bank documents to get over $40 million in loans on his jet, Nantucket vacation haunt and student-loan company. Andrew N. Yao, 45, of Bryn Mawr, pleaded responsible to 10 deceit and fortune laundering counts that hold up a guideline decision of about four to five years, prosecutors said. Yao was the sink and exclusive shareholder of Student Finance Corp., a Delaware-based strict that specialized in marketing school in loans and filed for bankruptcy in 2002.

He was convicted of bankruptcy double-dealing end year in a federal proof in Delaware that revealed he had lied about $669,000 in payments to a mistress, previous Playboy centerfold Alexandria "Lexie" Karlsen Wolfe, and $150,000 in gambling losses at two Las Vegas casinos. Meanwhile, urbane suits filed by his creditors and insurers, some still pending, aver the body plighted in a pyramid trick that led to more than $400 million in losses. "White collar criminals feel favourably impressed by Mr. Yao do disfigure to our community through the use of crafty economic transactions that are often as pernicious and destabilizing as the harm done by stupefy dealers or those who enthral criminal firearms," said U.S. Attorney Colm F. Connolly of Delaware, whose duty prosecuted both knave cases.

Yao's to the heart phone company is unlisted and his lawyer, Mark Cedrone, did not advent a summon for exposition from The Associated Press. Yao and his wife, Lore, became notable in Philadelphia public circles after donating percentage 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 annual report. The accommodation scam indictment charged that Yao lied about his finances from 1998 to 2002 when he obtained a $25 million contour of accept for his company, a $4.3 million deprecating advance for the jet and a $3 million refinance allowance on the Nantucket home.

Yao listed his 2000 profit 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 tolerance on his $1.7 million home, when he absolutely had no offensive ownership in it, they said.

The Yaos cashed out $990,000 through the 2002 mortgage refinancing on the Nantucket rest-home after settling the foregoing $2 million loan, the indictment said. The chump 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 calaboose on the bankruptcy fraud, but remains accessible on pray in that case. He was released on linkage Wednesday in the loan sham case, with sentencing set for Sept. 5.

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