Noah Bank CEO Edward Shin was arrested and charged by the office of U.S. Attorney Geoffrey Berman of the Southern District of New York for allegedly directing the bank to issue federally backed loans aimed at helping small businesses that went to companies in which Shin had secret interest.

Shin, a Pennsylvania resident whose bank is based in Elkins Park in the Philadelphia suburbs, also allegedly took kickbacks on the commissions for those loans from a third party who did “no legitimate work in the loan process,” Berman said in a statement.