In Los Angeles, a former bank manager from two local banks has been indicted over bank fraud and identity theft charges, as uncovered by an FBI investigation. He allegedly stole a significant sum of money from customer accounts.
On Friday, the FBI announced charges against Weixin “Tony” Chen, who managed two Carthay Bank branches in Arcadia and the City of Industry.
The federal indictment accuses Chen of stealing funds by accessing customers’ home equity lines and deposit accounts to channel money into his own fraudulent accounts.
Chen faces charges on five counts of bank fraud, one count of aggravated identity theft and eight counts of making a false entry.
The FBI reports that Chen, while managing the banks, “crafted a deceitful scheme” by denying loan applications to eligible applicants. Contrary to what he told them, he opened checking accounts using their names and forged their signatures.
He would then transfer funds into these fraudulent accounts to hide the fact that their loan applications had not been approved.
Additionally, Chen reportedly took cash payments from customers who thought they were reducing their loan amounts. However, instead of applying the funds towards their loans, Chen allegedly pocketed the money himself.
Chen was targeted in the federal investigation and was subsequently arrested at his Chino Hills residence. He appeared in court for the first time on August 14, 2025, and was released after posting a $10,000 bond.
If found guilty of the charges, Chen could receive up to 30 years in federal prison for each bank fraud charge, two years for aggravated identity theft, and 40 years for each false entry charge.
The case remains under investigation by the FBI and the Federal Deposit Insurance Corporation Office of Inspector General.Â
