Man pleads guilty to $4 million loan fraud

ATLANTA (AP) - A 35-year-old man pleaded guilty Monday to masterminding a scheme to defraud banks out of $4 million in small business loans by inventing fake companies backed up by phony tax returns and invoices.

Beau S. Yoon of Atlanta admitted that he obtained dozens of business loans for members of the Atlanta Korean community from May 2002 through June 2003. Yoon received 8 to 10 percent of each loan.

He could receive up to 30 years in prison for each of seven counts when sentenced this spring.

Most of the 20 co-defendants indicted with Yoon in March have pleaded guilty to their roles, although several remain fugitives from justice.