LOWER SOUTHAMPTON, Penn.– Kevin Biederman, 36, a former manager with Philadelphia FCU, has pleaded guilty to two counts of conspiracy to commit money laundering and bank bribery for his role in a corruption case that has involved three public officials here.
At the heart of the case is an alleged scheme to launder $400,000 in what the officials believed was illegal proceeds of healthcare fraud, money laundering and bank fraud, in exchange for $80,000 in fees, according to prosecutors.
Federal investigators are alleging in their indictment that the three public officials conspired in 2015 and 2016 to obtain bogus documents to hide money, which undercover officers represented to them was illegal proceeds. Authorities also allege the three former public officials accepted a $1,000 bribe, as well as promises of additional fees, in November 2016, in exchange for using their positions as public officials to “fix” a traffic case.
Prosecutors said Biederman met the three officials while he was working as a business development manager at the Philadelphia Federal Credit Union, where authorities allege one of the officials used a personal account to launder the money.
Prosecutors said Biederman allegedly accepted a $1,600 “reward” from a “cooperating witness” in June 2015, for assistance with obtaining approval of a loan for the three officials. A year later, authorities further alleged that Biederman agreed in June 2016 to prepare bogus documents for the three execs as part of the allege money laundering scheme in exchange for $2,000. Ultimately, he was only paid $1,235, according to federal court documents.