The CEO of Elkins Park-based Noah Bank was arrested Wednesday and charged with secret self-dealing and taking bribes in exchange for issuing loans.

Edward Shin, 56, allegedly siphoned off commissions on loans guaranteed by the U.S. Small Business Administration. One of the loans, $950,000 issued to a New York company in which Shin held a 50 percent ownership stake, went into default, resulting in a $611,500 loss to the SBA, according to court papers.

Edward Shin, also known as Eungsoo Shin, is CEO of Noah Bank which is headquartered in Elkins Park, Pennsylvania. On May 29, 2019, Shin was charged by federal prosecutors with bank bribery and related counts.
Edward Shin, also known as Eungsoo Shin, is CEO of Noah Bank which is headquartered in Elkins Park, Pennsylvania. On May 29, 2019, Shin was charged by federal prosecutors with bank bribery and related counts.

Shin allegedly directed an employee to deposit a check for $113,300 into one of his company’s accounts. The employee then told investigators that she provided a signed check worth $50,000 against that account and that Shin attempted to sign it over to a Las Vegas casino. The casino refused to honor the check when it could not determine if Shin had a connection to the company.

Also known as Eungsoo Shin, the executive previously headed Royal Asian Bank which became Noah Bank in 2011. Noah Bank primarily serves the Korean American community.

In addition to allegedly exploiting his position as a bank officer to illegal issue SBA loans to entities in which he had a financial interest, Shin allegedly took kickbacks on commissions for those loans from a third party broker who did not legitimate work in the loan process, said U.S. Attorney Geoffrey Berman of the Southern District of New York.

Shin, of Ambler, was charged by the U.S. Attorney’s office Money Laundering and Transnational Criminal Enterprises Unit with single counts of conspiracy to commit bank bribery, bank bribery, theft of funds by a bank officer, and conspiracy to commit wire fraud.

If convicted, Shin faces up to 30 years in prison.