Ex-Bank Manager Chen Indicted on Fraud Charges, Affecting Traditional Banking

A federal indictment has been filed against former Cathay Bank manager Weixin “Tony” Chen for allegedly engaging in fraudulent activities that impacted customers’ accounts. The allegations involve manipulating HELOC and deposit account practices at the Los Angeles-based bank. 30 years in prison is a possible penalty for each fraud count, along with a mandatory two-year term for identity theft. No impact on cryptocurrency markets has been reported. Traditional financial products are believed to be primarily involved.