An international businessman in Manhattan sentenced for stealing $300,000 through mortgage
March 3rd, 2010 - 5:14 am ICT by BNO NewsNEW YORK CITY (BNO NEWS) – An international businessman who resides in Manhattan has been sentenced for unlawfully obtaining a mortgage on his mother-in-law’s condominium, prosecutors said Tuesday.
Shih Siang Shawn Liao, 35, of 300 West 110th Street in Manhattan, founder and president of Hydra Buildings with offices in Manhattan and extensive business dealings in London and Hong Kong, pleaded guilty after stealing more than $300,000 through a mortgage.
Liao took out the loan in his mother-in-law’s name Fanny Wai Kwan Lam, 54, on her condominium and had the money deposited into an account, withdrawing it via transfers to Hydra Buildings and payments to several credit card companies for accounts he or his company held.
Liao pleaded guilty on December 16, 2008 and was sentenced on Monday to three to nine years in prison, signing a confession of judgment admitting that he owed a debt, including late charges, totaling $444,892.
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Tags: bno, business dealings, condominium, confession of judgment, credit card companies, fanny, hong kong, international businessman, kwan, lam, liao, london, manhattan, money, mortgage, mother in law, new york city, nine years, prosecutors, wai