The Philadelphia Business Journal reported today that Edward Shin, 56, of Ambler was arrested Wednesday for generating illegal kickbacks and concocting schemes to enrich himself while serving as CEO of Elkins Park-based Noah Bank.

Shin faces charges of: one count of conspiracy to commit bank bribery and one count each of bank bribery, theft of funds by a bank officer, and conspiracy to commit wire fraud. 

This complaint is filed in U.S. District Court in Manhattan, and as reported by Jeff Blumenthal of the Philadelphia Business Journal:

… alleges that between 2009 and 2012, Shin concocted several schemes to enrich himself. When the bank issued a loan involving a certain broker, prosecutors said Shin secretly arranged to receive a portion of the broker’s fee. On other occasions when the bank did not use a broker, prosecutors said Shin arranged to have a broker inserted into the transaction solely to generate the broker fee that he could share — essentially an illegal kickback.

See Philadelphia Business Journal’s full article here.

Photo: Noah Bank Website