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Federal judge rules in case against a former credit union CEO.

Kevin M. Biederman, a former business development manager for the $1.1 billion Philadelphia Federal Credit Union, was sentenced to just one day in prison for his role in helping Pennsylvania public officials, including an elected judge, launder money.

U.S. District Judge Gene E.K. Pratter in Philadelphia last week also ordered Biederman to serve 30 months of supervised release and pay a $2,000 fine and a $200 special assessment. 

Biederman, who worked at the credit union from 2012 to 2016, pleaded guilty to conspiracy to commit money laundering and bank bribery in March 2018. Other felony charges against him were dropped by federal prosecutors.

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Peter Strozniak

 

Credit Union Times

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