The New Jersey developer convicted with Bob Menendez pleads guilty to bank fraud
A New Jersey real estate developer convicted alongside Democratic Sen. Bob Menendez has pleaded guilty to a separate bank fraud charge
By AP News
Published - Sep 05, 2024, 05:36 PM ET
Last Updated - Dec 16, 2024, 07:31 PM EST
NEWARK, N.J. (AP) — A New Jersey real estate developer convicted alongside Democratic Sen. Bob Menendez this summer pleaded guilty to a separate bank fraud charge, prosecutors said Thursday.
Fred Daibes, 67, entered the plea in U.S. District Court in Newark, the U.S. Attorney's office said in a statement. He was charged with making false statements concerning a 2008 loan.
While Daibes was chairman and CEO at Mariner's Bank, he falsely said another person was the borrower on a $1.8 million loan when in fact the line of credit was for him, prosecutors said.
The charges carry a maximum penalty of 30 years in prison and a top fine of $1 million.
