Real estate developer who bribed Sen. Menendez pleads guilty in 2008 bank fraud case
Fred Daibes entered the guilty plea before federal court Judge Susan Wigenton in Newark on Thursday.
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A real estate developer previously found guilty of bribing Sen. Bob Menendez with cash and gold bars has pleaded guilty to bank fraud.
Fred Daibes entered the guilty plea before federal court Judge Susan Wigenton in Newark on Thursday. The plea agreement allows Daibes to avoid trial but he’ll now face 18 to 37 months in prison when sentenced on Jan. 23.
This bank fraud charge dates back to 2008 when Daibes admitted he used a business partner to fraudulently get him a loan for $1.8 million. At the time, Daibes was chairman of the board at Mariners Bank in Edgewater and used his position to approve the loan.
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Daibes was convicted in July by a jury in New York City for bribing Menendez in order to gain leniency in the bank fraud case.
Judge Wigenton stated the sentence she doles out will run consecutively to the bribery sentence when determined in October. However, Daibes’s attorney Larry Lustberg made it known he will attempt to have those two terms run concurrently.
Daibes and Menendez will both be sentenced in New York on charges of bribery and conspiracy on Oct. 29 in Manhattan federal court.
