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Bergen Exec From Passaic County Admits $91.5 Million Bank Fraud, Questions Remain Bergen Exec From Passaic County Admits $91.5 Million Bank Fraud, Questions Remain
Bergen Exec From Passaic County Admits $91.5 Million Bank Fraud, Questions Remain Now that an executive of a Glen Rock property management company has admitted his role in a $91.5 million loan fraud, questions remain about an "unnamed co-conspirator." Barton Schack, 65, of Ringwood, told a federal judge in Newark this week that he helped the other participant fraudulently secure a massive commercial mortgage loan by lying about how many tenants were in a network of medical office buildings used as collateral and how much rent they’d paid, Acting U.S. Attorney Rachael A. Honig said. The pair then pocketed millions of dollars in rent from the properties -- which …

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by Jerry DeMarco