Post by anenro on Oct 3, 2019 12:23:52 GMT 4
A former banker at Citibank, WSFS sentenced to 18 months over fraud scheme
A former lender for Citibank and WSFS Bank was sentenced Monday to 18 months in prison for his participation in a loan fraud scheme, federal prosecutors in
Wilmington said.
Tae Kim, 49, of Wayne, Pennsylvania, was charged with conspiring to commit bank fraud in connection with loans obtained by one of his customers, Dr. Zahid Aslam of Elkton, Maryland. He pleaded guilty in August 2017.
Prosecutors said Aslam recruited Kim and others to misrepresent in loan applications that they were the borrowers and operators of medical practices when Aslam actually owned the practices and beneficiary of the loan proceeds. The indictment claimed Aslam did so because he knew he would not qualify for financing.
Kim admitted to submitting false information about Aslam’s available deposits at Citibank in connection with a loan application at another bank, which was eventually declined; and falsifying the scope of Aslam’s liabilities in connection with multiple loans at WSFS Bank. Aslam’s loans eventually went into default, he pleaded guilty to making false statements to Citibank and WSFS and sentenced to 30 months in prison.
Kim approved Aslam’s loan application while working at Citibank. About a year later, Kim moved to WSFS, where he continued to handle Aslam’s business.
Prosecutors said the duo concealed their extensive financial relationships, including joint ownership of businesses and large cash payments and a BMW sedan that Aslam gave to Kim.
In addition to the prison sentence, Kim was ordered to pay $2.45 million in restitution serve three years of supervised release following his time behind bars. As a result of his criminal conviction, Kim agreed to a ban from working in the banking industry.
A former lender for Citibank and WSFS Bank was sentenced Monday to 18 months in prison for his participation in a loan fraud scheme, federal prosecutors in
Wilmington said.
Tae Kim, 49, of Wayne, Pennsylvania, was charged with conspiring to commit bank fraud in connection with loans obtained by one of his customers, Dr. Zahid Aslam of Elkton, Maryland. He pleaded guilty in August 2017.
Prosecutors said Aslam recruited Kim and others to misrepresent in loan applications that they were the borrowers and operators of medical practices when Aslam actually owned the practices and beneficiary of the loan proceeds. The indictment claimed Aslam did so because he knew he would not qualify for financing.
Kim admitted to submitting false information about Aslam’s available deposits at Citibank in connection with a loan application at another bank, which was eventually declined; and falsifying the scope of Aslam’s liabilities in connection with multiple loans at WSFS Bank. Aslam’s loans eventually went into default, he pleaded guilty to making false statements to Citibank and WSFS and sentenced to 30 months in prison.
Kim approved Aslam’s loan application while working at Citibank. About a year later, Kim moved to WSFS, where he continued to handle Aslam’s business.
Prosecutors said the duo concealed their extensive financial relationships, including joint ownership of businesses and large cash payments and a BMW sedan that Aslam gave to Kim.
In addition to the prison sentence, Kim was ordered to pay $2.45 million in restitution serve three years of supervised release following his time behind bars. As a result of his criminal conviction, Kim agreed to a ban from working in the banking industry.
