A New York City businessman Shih Siang Shawn Liao was sentenced in Queens Supreme Court to three to nine years in prison for some engaging in some creative real estate deals. According to court papers, Liao forged documents to fraudulently obtain mortgage on his mother in law’s Queens condo and then stole over $300,000 by using up the proceeds he received from the bank loan.
In this mortgage fraud case, Liao pleaded guilty on December 16, 2008, to second-degree grand larceny and was sentenced to prison this week. Liao also signed a confession of judgment in which he admits that he owes $444,892 to Chase Home Finance and his mother-in-law. A confession of judgment in criminal law context is a document that allows victims to enter judgment against the defendant without having to sue in civil courts.