A San Francisco CPA will spend at least one year in Federal prison for his role in altering tax returns to secure more than $2.1 million in loans from five banks.
Regen Chinn of Chinn Accountancy Corp. was found guilty for his role and was sent to prison for 33 months. Also charged was Jack Young Jr., owner of Clement Tour and Travel, for his part in the scheme. Young was sentenced for a shorter time frame.
In addition, both men were ordered to pay more than $2 million to the banks, which included Union Bank and Westamerica Bank.
No information was given as to when, or if, Chinn's license would be revoked by the California Board of Public Accountancy.