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Fraud suspect held on $1 million bond

A Naperville woman already sentenced to prison in New Jersey for her role there in a million-dollar mortgage and credit card scam has been returned to Illinois, where she will stand trial on similar charges.

Yu Chen, 44, last lived on the 3800 block of Mistflower Lane, in the Tall Grass neighborhood on Naperville’s far southwest side. She was held Tuesday in Will County Jail in Joliet on $1 million bond.

A grand jury in March indicted Chen on felony charges of theft by deception of up to $1 million; theft by deception of between $100,000 and $500,000; conducting a fraudulent transaction of $100,000 to $500,000; financial institution loan fraud of up to $100,000; and identity theft of between $10,000 and $100,000, according to records on file in Will County Circuit Court. The first charge is a Class X felony, carrying a mandatory sentence of six to 30 years in prison upon conviction.

Chen allegedly “induced banks to pay her $1.148 million ... by making applications for mortgages, notes and mortgages for loans” involving the property on Mistflower Lane, said Charles B. Pelkie, spokesman for Will County State’s Attorney James Glasgow.

The defrauded banks included Capital One Bank, Fifth Third Bank, Harris Bank, Huntington National Bank, National Bank of Kansas City, State Farm Bank and Wachovia Bank, Pelkie said late Tuesday afternoon.

Naperville police arrested Chen on May 19, 2010, near 95th Street and Book Road. She was subsequently extradited to Trenton, N.J., to stand trial there in a 2009 credit card and mortgage scheme.

Chen in November was sentenced to five years in a New Jersey state prison, after pleading guilty to a charge of second-degree theft by deception. A judge also ordered her to make $1.1 million restitution in that mortgage scam.

Another defendant, Yi F. Reid, 49, of Irvine, Calif., has been sentenced to three years in prison for her part in the scheme and also ordered to make restitution. Two other defendants, both men, are fugitives who are believed to be in China.

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