Bloomberg News

Former United Commercial Bank CEO Accused of Hiding Loan Losses

October 11, 2011

Oct. 11 (Bloomberg) -- Two former United Commercial Bank executives were accused by the Securities and Exchange Commission of misleading investors about loan losses during the financial crisis in 2008 and 2009.

Thomas Wu, the former chief executive officer, and Ebrahim Shabudin, the operating chief, concealed loans that led to the the bank’s public holding company UCBH Holdings Inc. to understate 2008 operating losses by at least $65 million, or about 50 percent, the SEC claimed.

To contact the editor responsible for this story: Vivek Shankar at vshankar3@bloomberg.net


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