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BRIEF-WSFS Financial - acting U.S. Attorney for district of Delaware announces WSFS customer, was charged by Federal grand jury on June 15
June 26, 2017 / 9:50 PM / in a month

BRIEF-WSFS Financial - acting U.S. Attorney for district of Delaware announces WSFS customer, was charged by Federal grand jury on June 15

2 Min Read

June 26 (Reuters) - WSFS Financial Corp:

* WSFS Financial - acting u.s. Attorney for district of Delaware announced that wsfs customer, zahid aslam, was charged by federal grand jury on june 15

* WSFS Financial - customer was charged in 3-count indictment with conspiracy to commit bank fraud & making false statements on loan applications to wsfs

* WSFS Financial - charges filed against tae kim, wsfs associate from 2013 to 2016 who was relationship manager for aslam, with whom he is charged with conspiring

* WSFS Financial - WSFS conducted investigation into matter, which included complete review of all loans originated by kim while he was employed

* Wsfs financial - as of may 31, wsfs' total exposure to customer in question was $4.8 million, which includes a $1.7 million exposure to an alleged nominee borrower

* Wsfs financial corp - to date, investigation has determined that loan fraud scheme was isolated to kim's dealings with aslam - sec filing

* Wsfs financial corp - currently does not expect that this matter will have a material adverse effect on company

* Wsfs financial corp - to date, investigation determined loans were used to finance aslam's purchase of existing and ongoing medical businesses Source text (bit.ly/2rUReX3) Further company coverage:

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