A New York man pleaded guilty in U.S. District Court in Bangor today to operating an unlicensed marijuana growing operation and mortgage fraud.
According to the Department of Justice, 49-year-old Ken Yiu, of New York City, purchased a house in Saint Albans several years ago. As part of the mortgage application, he reported his intent to occupy the house as his primary residence.
But Yiu later admitted he instead used the property to grow marijuana, which he sold to buyers in Massachusetts. Yiu and the property were not licensed through the Maine Office of Cannabis Policy.
Yiu now faces up to 20 years in prison and a maximum fine of $500,000 for the drug charge. For the mortgage fraud, he faces up to 30 years in prison and a fine of up to $1 million.
