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Michael McManus

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NJ Real Estate Developer Fred Daibes Pleads Guilty To Bank Fraud NJ Real Estate Developer Fred Daibes Pleads Guilty To Bank Fraud
NJ Real Estate Developer Fred Daibes Pleads Guilty To Bank Fraud Fred Daibes, a 67-year-old real estate developer previously convicted of bribing disgraced New Jersey Sen. Bob Menendez, pleaded guilty to bank fraud on Thursday, Sept, 5, authorities said. The former CEO and chairman of the board of directors at Mariner's Bank pleaded guilty in Newark federal court to making false entries in connection with a $1.8 million loan from his bank in 2008, US Attorney Phillip Sellinger said. Daibes said the line of credit was for someone else, when it was actually for his benefit, Sellinger said. The loan said the source of repayment would be from the p…

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by Sam Barron
Police & Fire
Disgraced Bergen Developer Spared Federal Prison In $4 Million Loan Scheme Disgraced Bergen Developer Spared Federal Prison In $4 Million Loan Scheme
Disgraced Bergen Developer Spared Federal Prison In $4 Million Loan Scheme Bergen County developer James Demetrakis was sentenced Wednesday to two years probation and ordered to pay a $75,000 fine by a federal judge for helping longtime associate Fred Dabies illegally obtain millions of dollars in bank loans. Demetrakis, 79, admitted in U.S. District Court earlier this year that he and Dabies, his former business partner, conspired to skirt limits on how much in loans any individual can receive. His April guilty plea to one count of conspiracy to make false entries to deceive a financial institution appeared to bolster the government’s case against Dabies, who was…

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by Jerry DeMarco
Police & Fire
Fred Daibes' Englewood Associate Pleads Guilty In Multimillion Dollar Loan Fraud Fred Daibes' Englewood Associate Pleads Guilty In Multimillion Dollar Loan Fraud
Fred Daibes' Englewood Associate Pleads Guilty In Multimillion Dollar Loan Fraud A real-estate developer admitted he lied to government regulators in order to obtain millions in bank loans, the U.S. Attorney's Office said Friday.  James Demetrakis, a 79-year-old Englewood resident, was accused of working with his longtime business partner, Fred Daibes, to get loans in excess of what was permitted under banking guidelines. Daibes was also the founder and former chairman of Mariner's Bank, which handled the loans.  Between 2008 and 2013, authorities say Daibes and Demetrakis conspired to get around limits on how much an individual could receive in loans by arran…

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by Paul Milo