Before his court appearance on Tuesday, Shabudin was led down a hallway in the San Francisco federal courthouse, the last in a line of shackled prisoners
Those indicted came from the 9th largest bank to fail during the financial crisis even though they had received $298M in loans from Bush's bank bailout in November of 2008.
The SEC complaint alleges that Wu, Shabudin and Yu concealed loan losses from investors, leading the bank to understate its 2008 operating losses by about $65 million.
I hope Wu's Attorney, Steven Bauer, is allowed to pursue a defense that implicates many more worse offenders and that these prosecutions lead to the bigger fish who are responsible for the greatest theft in history.
"Hundreds of banks failed in the financial crisis, and the regulators need to blame someone," Wu's attorney, Steven Bauer, said in a statement. "When the full facts are revealed, Thomas Wu is counting on our justice system to clear his good name."