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Two guilty of conspiracy to commit loan extortion
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Posted on Sep 22 2004
Two Chinese nationals were remanded to the custody of the U.S. Marshals yesterday after they were found guilty of conspiracy to collect extension of credit by extortionist means.
A federal jury unanimously decided yesterday that defendants Yan Jin Shi and Huang Jin Yong aka Ah Rong or Ah Yong were guilty of one count of conspiracy to commit the crime. They were, however, declared not guilty on the offensive collection of extension of credit by extortionist means.
U.S. District Court judge Alex Munson set the two’s sentencing on Dec. 28, 2004 at 9:30am.
The prosecution led by assistant U.S. Attorney Jamie Bowers earlier presented witnesses who testified that the two defendants had engaged in “loan sharking” when they lent them money and imposed excessive interest rates.
One of the witnesses, identified as Fu, disclosed that she borrowed $300 from the defendants but she ended up paying over $800.
Fu said she knew about the loan business of the two defendants through a staff in a store where she gambled. She said she had to borrow $300 to be able to gamble at the Shanghai Store, located behind 777 Casino in Garapan.
Yan, according to Fu, also worked at the store.
In her testimony, Fu said that the defendants had harassed her and threatened to throw her off Suicide Cliff if she would not pay.
Since that incident, she said that she had consistently paid the two every payday until she paid them a total of over $800.
She said the interest rate was computed daily at $3 for $100. She said she later negotiated to lower the rate to $2.
