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Man Admits to Using Federally Backed Loans to Pay Off Gambling Debts

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Jul/20/2017

Man Admits to Using Federally Backed Loans to Pay Off Gambling Debts

NEWARK, N.J. (Associated Press) — A New Jersey man has pleaded guilty to using federally backed loans for gambling debts and other personal expenses.

NJ.com reports (http://bit.ly/2tJK1sQ ) 58-year-old John Cheng, of New Brunswick, pleaded guilty to loan application fraud Wednesday. Cheng faces up to 30 years in prison.

Prosecutors say Cheng applied for a $1.75 million federal Small Business Administration loan along with a $2 million commercial loan in order to finance a restaurant in December 2007. Officials say Cheng received more than $2 million in loans in March 2008.

Authorities say Cheng spent the money on family members, a tax bill and gambling debts instead of construction for the restaurant.

Cheng must pay $2.6 million in restitution.

Sentencing is scheduled for October.

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