QUEENS, NY – David Liu, 36, of Garfield, New Jersey, has been charged with criminal possession of stolen property in connection with the theft of $2.6 million from a trust fund.
Liu allegedly transferred the stolen funds to bank accounts he created under an alias and spent the money on luxury items, including Cartier jewelry.
According to the charges, Liu made multiple attempts to access the family trust held by the New York Life Insurance Company in October 2022. His initial request to redirect the funds was denied, but a subsequent request was approved in November of the same year.
After receiving a check for $2,619,433, Liu opened bank accounts at Chase bank using a false identity and deposited the stolen funds. Over the course of a month, he made numerous cash withdrawals, wire transfers, and purchases totaling over $2.6 million.
Video surveillance from various retailers showed Liu purchasing expensive items, including a drone, jewelry, and electronics. By January, he had depleted the entire sum. Liu now faces multiple charges, including criminal possession of stolen property, falsifying business records, grand larceny, and insurance fraud. If convicted, he could face up to 25 years in prison.