Former CU manager pleads guilty to money laundering, bank bribery

Kevin M. Biederman signs undisclosed plea deal in case involving accused public officials.

A former business development manager for the $1 billion Philadelphia Federal Credit Union will be sentenced in June for his role in helping Pennsylvania public officials, including an elected judge, launder drug money.

Kevin M. Biederman, who worked at the credit union from 2012 to March 2016, pleaded guilty to conspiracy to commit money laundering and bank bribery Friday in U.S. District Court in Philadelphia.

His plea deal was not publicly available online.

Three Bucks County public officials were also charged with conspiracy to commit money laundering, money laundering, wire fraud, mail fraud and extortion.

According to the court documents, from June 2015 to November 2016, the public officials and Biederman conspired to launder $400,000 in cash during an undercover police investigation that included a cooperating witness. The undercover cops told the county officials the money that needed to be laundered came from illegal drug trafficking, health care and bank fraud schemes.

 

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