Second Sentencing For Solomon Dwek
Thursday's six-year federal prison term for onetime Monmouth land speculator Solomon Dwek is, and isn't, the end of the story.
The 40-year-old's sentence given Thursday was for bank fraud and money laundering. Today, however, a Monmouth County Superior Court judge added four years for corporate misconduct.
The sentences will run concurrently, under terms of his plea agreement.
Dwek's federal arrest led to his decision to become a government informant in what became the most massive corruption probe yet launched in New Jersey.
According to county prosecutors, Dwek borrowed $13,000,000 from a commercial bank in 2005 for property in New York City, convincing the lenders that the tract could be immediately resold at a substantial profit. He deposited the funds into an account belonging to SEM Realty Associates LLC, a company he fully controlled, said investigators.
Dwek, say authorities, then used $11,200,000 to pay real estate-related debts instead of the downtown Manhattan property. The move exposed him to the misconduct charge in his position as a corporate official.
Dwek's negotiated pleas and combined sentences, says Monmouth Acting Prosecutor Chris Grammiccioni, takes into account his six years of cooperation with law enforcement.