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

Written by :

Guest

Published on :

20 July, 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.

Crime

Gambling News

Arrested Salt Lake City Utah Bank Robbery Suspect Claims He Was Coerced, Owed $19K in Gambling Debts by Accomplice

Fidel Ybarra says he was forced into committing the crime by Thomas Domingo Bustos, 31 while Brelyn Sanchez, 37, also allegedly participated.

Sarasota Florida Establishments Latest in State to Be Hit By Gambling Raids

Three alleged illegal gambling establishments in Englewood, Florida are the latest to be hit by gambling raids in the state that have thus far resulted in more than 184 illegal gambling arcades being shut down over the last year.

Another Arrest Warrant Issued for Disgraced Nevada Sports Handicapper Vegas Dave

David Oancea, known to his social media followers as Vegas Dave, was found in contempt of court once again after the social media influencer failed to show up for court proceedings in a protracted civil case in which he owes debtors tens of millions of dollars.

Feds: Hammond Indiana Area Alleged Gambling Ring Operator Sent Witnessess Death Threats From Church

James "Jimmy the Greek" Gerodemos took video of flaming memorial candles in the back of a church, candles to honor the dead, and then sent the video to degenerate gamblers who owed money to his bookies, according to court filings.