NEWARK, N.J. – In a shocking revelation, the former CEO of Mariner’s Bank, Fred Daibes, has been charged with a scheme to obtain nominee loans from the bank.
According to the U.S. Attorney’s Office, Fred Daibes, 61, of Edgewater, New Jersey, and Michael McManus, the CFO of Daibes Enterprises, were charged with one count of conspiracy to misapply bank funds and to make false entries to deceive a financial institution and the FDIC.
Daibes also faces five counts of misapplying bank funds, six counts of making false entries to deceive a financial institution and the FDIC, and one count of causing reliance on a false document to influence the FDIC. McManus, 61, of Madison, New Jersey, was charged with four counts of misapplying bank funds, one count of making false entries to deceive a financial institution and the FDIC, one count of causing reliance on a false document to influence the FDIC, and two counts of loan application fraud.
The scheme, which took place between January 2008 and December 2013, involved Daibes and others recruiting nominees to make false statements to Mariner’s Bank to obtain loans, concealing Daibes’ beneficial interests in the loans. The nominees would then distribute the loan proceeds to Daibes.
In order to convince Mariner’s Bank to approve two of the Nominee Loans, McManus signed and provided a false certification attesting to the profitability of gas stations that two of the nominees had pledged as collateral.
The defendants will have their initial appearances and arraignments at a later date. If convicted, Daibes faces up to 30 years in prison and a fine of $1,000,000. McManus faces up to 30 years in prison and a fine of $1,000,000.
U.S. Attorney Craig Carpenito credited investigators from the U.S. Attorney’s Office and special agents of the FDIC for their work on the case.
Key Facts
- State: New Jersey
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
White Collar CrimeWhite Collar CrimeWhite Collar CrimeWhite Collar Crime