SAN FRANCISCO — The president of Pacific Atlantic Trading Co. is being sought on bank fraud charges that could involve as much as $10 million, authorities said Friday.
FBI special agent Richard Held said a no-bail arrest warrant was issued for 64-year-old Peter Chiulun Wong of San Francisco as the result of investigation into allegedly bogus business dealings by Wong's company with several banks.
Wong allegedly operated a fraudulent bill of loading scheme involving several banks in the San Francisco Bay Area from December, 1987, until last month, said the criminal complaint filed against him.
If convicted, Wong could face up to five years in jail and a $250,000 fine.
According to Held, an investigation has shown that Wong and his various companies owe various vendors millions of dollars. He also said that the Pacific Atlantic Trading Co. was forced into involuntary bankruptcy by Imperial Bank in Southern California in a filing with the U.S. District Bankruptcy Court in San Francisco.