David Saks: Woman Convicted - Stole Close to $1 Million from Elderly In-Laws

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Woman Convicted - Stole Close to $1 Million from Elderly In-Laws

Holden Woman Convicted in Scheme to Steal

Close to $1 Million from Elderly In-Laws

U.S. Attorney’s Office August 08, 2014
  • District of Massachusetts (617) 748-3100

WORCESTER, MA—A Holden woman was convicted of wire fraud today after pleading guilty to charges that she stole close to $1 million from her elderly in-laws.

Chiao Fang Ku, 45,

pleaded guilty before United States District Court Judge Timothy S. Hillman to an Information charging her with wire fraud. Sentencing is scheduled for November 3.

After Ku’s father-in-law became ill in 2008, Ku offered to help her mother-in-law manage the couple’s finances. Ku was given access to her in-laws’ savings and investment accounts.

She thereafter began siphoning funds from those accounts through online transfers, forged checks, and cash withdrawals, and used the money for on-line gambling activities and other personal uses. She also applied for—and received—credit cards in her mother-in-law’s name without authorization, and then used those cards for personal expenses.

In total, Ku stole over

$950,000

from her in-laws over a five-year period.

The maximum statutory sentence for wire fraud is 20 years in prison to be followed by three years of supervised release and a fine of the greater of $250,00 or twice the gross gain or loss. Actual sentences for federal crimes are typically less than the maximum penalties. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

United States Attorney Carmen M. Ortiz; Shelly Binkowski, Inspector in Charge of the U.S. Postal Inspection Service; and Vincent B. Lisi, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, made the announcement today. The case is being prosecuted by Eric P. Christofferson of Ortiz’s Economic Crimes Unit.

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Comment balloon 12 commentsDavid Saks • August 08 2014 07:09PM

Comments

Interesting post David. Someone always trying to get rich on the backs of others hard work. Thanks for sharing. Have a great weekend.

Posted by Ted Glover, ABR in Moultrie, Georgia 229-854-5422 (Alderman Classic Realty, LLC) over 5 years ago

Thanks, Ted. These are particularly tragic cases. Even though this isn't directly real estate related, I've seen many real state fraud cases over the years that are apprised of the same, habitual, method of procedure.

Have a terrific weekend.

Posted by David Saks ((retired)) over 5 years ago

Boy, I guess she didn't care much for family values.  Pretty awful.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 5 years ago

Thanks for sharing this sad family story. There is no shortage of scams to take advantage of seniors.

Posted by Roy Kelley (Realty Group Referrals) over 5 years ago

It really was, Gabe. Hope you're having a great morning.

Posted by David Saks ((retired)) over 5 years ago

Many thanks for your kind note, Roy. Fraud targeting seniors is major urgency for the Department of Justice. Hope you have a great day.

Posted by David Saks ((retired)) over 5 years ago

Wow, that was crazy. It is amazing what people will do those the supposidly "love" or should at least care for. 

Posted by Tammy Adams ~ Realtor / Podcaster, A Maricopa Agent who Works, Lives & Loves Maricopa (Maricopa Real Estate Co) over 5 years ago

Common crime, Tammy. Thanks for the note,

Posted by David Saks ((retired)) over 5 years ago

Hey David, that is the main reason why we should not let anybody else get access to our accounts. It's just scary that one day, you'll wake up and all of your hard-earned money are gone.

Just be careful!

Posted by Christopher Lotte, Central Ohio Realtor, 614-390-9243 (Red 1 Realty) over 5 years ago

So right, Christopher. Thanks for the note. Have a fine day.

Posted by David Saks ((retired)) over 5 years ago

This news just is so sad for everyone involved.

Posted by MichelleCherie Carr Crowe Just Call...408-252-8900, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty) over 5 years ago

It is, Michelle.

Posted by David Saks ((retired)) over 5 years ago

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