Police: Man disrespects elders by scamming them out of $400K
BELLEVUE, Wash. -- A local man was arrested recently after not respecting his elders, specifically by scamming more than $400,000 in loans out of them for a construction business that never materialized, according to the Bellevue Police Department.
According to police, U Hyon Yi befriended a trio of elderly victims after doing odd jobs for them. He then reportedly asked to borrow several thousand dollars for a construction business he was starting.
When asked to pay back the loans, Yi gave the victims IOUs stating the IRS had frozen his bank accounts due to a tax dispute, according to police. He reportedly said he would pay them back when that was settled.
According to police, Yi never paid back any of the money, and his scam came to light in 2012 when the executor of one of the victim's estates contacted police about transfers into Yi's bank account.
The Bellevue Police Department and Kirkland Police Department investigated, finding two more victims and eventually arresting Yi.
According to police, Yi admitted to stealing approximately $250,000 and lying about the IRS freeze.
Police are still looking for any more possible victims and warning other elderly residents to be on the lookout for similar scams.