A former manager of two Los Angeles area banks was indicted on charges of bank fraud and identity theft as part of an FBI investigation into allegations that he stole hundreds of thousands of dollars from customers.

On Friday, the FBI announced charges against Weixin “Tony” Chen, who managed two Carthay Bank branches in Arcadia and the City of Industry.

According to the federal indictment, Chen allegedly stole money by tapping into customers’ home equity lines of credit and deposit accounts to transfer money to his own fraudulent accounts.

Chen faces charges on five counts of bank fraud, one count of aggravated identity theft and eight counts of making a false entry.

According to the FBI, while working as a manager at the banks, Chen “orchestrated a fraudulent scheme” in which he would tell qualifying applicants that their loan applications had been denied when in reality he opened checking accounts under their names while forging their signatures.

He would then transfer funds into these fraudulent accounts to hide the fact that their loan applications had not been approved.

He also allegedly received cash payments from some customers who attempted to pay down their loans, but instead of putting the payment toward their loans, Chen “kept and stole thousands of dollars for himself.”

Chen became the subject of the federal investigation and was arrested last week at his home in Chino Hills. He made his initial appearance on Aug. 14, 2025, and was released after posting $10,000 bond.

If convicted as charged, Chen would face a maximum sentence of 30 years in federal prison for each of the bank fraud charges, two years in federal prison for the aggravated identity theft charge, and 40 years for each charge of false entry.

The case remains under investigation by the FBI and the Federal Deposit Insurance Corporation Office of Inspector General.