Newport Beach couple pleads guilty to bank scam 

A Southern California couple has pleaded guilty to federal fraud charges for bilking banks out of nearly $5 million.

Federal prosecutors said Thursday that 63-year-old Thomas Chia Fu and his 60-year-old wife, Cheri L. Shyu, owned Galleria, a home décor business that imported wares from China.

Prosecutors accuse the Newport Beach couple of obtaining a $130 million line of credit by overstating the Anaheim-based company's income by tens of millions of dollars.

Seven banks estimate they lost $4.7 million on the revolving line of credit from October 2008 to July 2009.

The Fu's each face a maximum sentence of 30 years in federal prison.

They are due for sentencing July 30.

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