Tae H. Kim, Bank Fraud, Pennsylvania 2018
WILMINGTON, Del. – Tae H. Kim, a 47-year-old banker from Wayne, Pennsylvania, has pleaded guilty to conspiracy to commit bank fraud and admitted to a business relationship with his physician client, Dr. Zahid Aslam.
In resolving the Delaware charge, Kim admitted to conspiring with Dr. Aslam to obtain loans from Citibank and WSFS Bank under false pretenses. He agreed to submit loan requests in the names of third parties, knowing that the loan proceeds would be controlled by Dr. Aslam. The loans at issue consisted of a $1.76 million loan funded by Citibank (and guaranteed by the Small Business Administration) in July 2012, and a $2.183 million loan funded by WSFS Bank in August 2013.
In addition, Kim failed to disclose to Citibank and WSFS Bank the existence of an extensive business relationship between himself and Dr. Aslam, as well as his receipt of a $60,000 loan and a BMW from Dr. Aslam, during the period in which he acted as Dr. Aslam’s loan officer. As part of his guilty plea, Kim agreed to forfeit the BMW and $60,000 in cash.
In resolving the Maryland charge, Kim admitted to submitting a false “Request for Verification of Deposit” form on behalf of Dr. Aslam, who had requested a $5 million loan from Cecil Bank in Maryland for a separate business venture. Although the Verification of Deposit Form represented that Dr. Aslam had maintained a checking account for the business, with an average balance of $1.6 million, Kim admitted that the account had been opened the day before he submitted the form and funded via a single check from a different entity controlled by Dr. Aslam.
The maximum penalty for the Delaware Charge (Conspiracy to Commit Bank Fraud) is a term of imprisonment of thirty years; a fine of $1,000,000.00; a term of supervised release of five years; a $100 special assessment; and mandatory restitution. The maximum penalty for the Maryland Charge (Attempted Bank Fraud) is a term of imprisonment of thirty years; a fine of $1,000,000.00; a term of supervised release of five years; a $100 special assessment; and mandatory restitution.
Kim is scheduled to be sentenced on January 11, 2018 at 9:00 a.m. before United States Judge Richard G. Andrews.
Acting U.S. Attorney Weiss said, “Tae Kim abused his position as a loan officer by defrauding three financial institutions and the Small Business Administration for the benefit of a key client. He further leveraged his position to profit personally from an extensive business relationship with that client, all of which he concealed from his employers. I applaud the diligence of federal law enforcement in Delaware and Maryland in uncovering the breadth and scope of Kim’s criminal conduct. Our office remains committed to ensuring the integrity of the federal banking system.”
Key Facts
- State: Delaware
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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