SAN FRANCISCO — Former top executives of United Commercial Bank, which took $300 million in TARP money only to fail the following year, face criminal and civil fraud charges, federal authorities announced Tuesday.
The U.S. attorney’s office in the Northern District and the local Securities Exchange Commission office unveiled cases against the bankers, who are accused of concealing losses on loans and other assets; misleading investors, customers and auditors; and scheming to hide the bank’s true condition from the Treasury Department during the height of the financial crisis.
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