Dwek Sentenced to 4 Years in Prison on State Fraud Charges

Monmouth-based real estate developer sentenced in Monmouth County Superior Court Friday morning

Solomon Dwek was sentenced in Monmouth County Superior Court Friday to four years in prison for committing corporate official misconduct, one day after he received a six-year prison term in federal court.

Dwek, 40, formerly of Ocean Township, fraudulently obtained $13 million in commercial real estate loans from a New Jersey-based financial institution, Monmouth County Prosecutor Christopher Gramiccioni said in a release.

Dwek was sentenced to six years in prison in Newark federal district court Thursday on charges of bank fraud and money laundering. His federal and state imprisonment times will run concurrently, according to his plea bargain.

Dwek was facing nine to 11 years under his plea deal for his crimes, but his cooperation with federal investigators over the last few years helped him receive a reduced sentence.

Dwek's time as an informant led to the arrest of 46 people, including local government officials and rabbis, such as 

In October, 2005, Dwek fraudulently obtained $13 million in loans from a New Jersey-based bank to purchase prime real estate in lower Manhattan. He falsely represented to the bank that once purchased, the property could be resold or flipped at a substantial profit.

Once he received the loan proceeds, Dwek deposited them on Oct. 11, 2005, into an account held by SEM Realty Associates, L.L.C.; a company he controlled and served as its principal corporate officer.

Dwek then used the loan proceeds to make payments to several business entities and individuals to whom he owed substantial real estate-related debts completely unrelated to his Manhattan real estate purchase. These actions led to his corporate official misconduct charges.

Robert Hilton October 20, 2012 at 11:21 AM
Dwek testified, under oath, in a Federal Court that Long Branch Mayor Adam Schneider was bribed. This was bought to light by Schneider's former campaign spokesmen, Zoning Board Officer and Surfers' Rights Lobbyist Brian Unger. Why hasn't the Justice Department moved on this testimony? Is it because the corruption in Long Branch is too far reaching????
Jon M October 20, 2012 at 12:54 PM
Money makes the world go round, and breeds evil. Potheads have no money so they are the dogs that get hard time.
John W. Burke October 20, 2012 at 06:27 PM
To Bill Moss, I wonder if you or myself would fair well with 1 day in prison. That is a sentence sir. He is going to find out if what he's always heard about prison is true or not. Better him then me or you.
Silver dollar October 21, 2012 at 03:30 AM
John What I ment was he was sentence to 6 years the day before and now is to serve the 4 with the 6 years that was a waist of time and money to even give him a trial or plea bargan on the second sentence The 4 years should have run after he served the 6
Marina October 21, 2012 at 03:46 AM
This slobs restitution is going to be $300.00 per month. As per the Asbury Park Press. In other words crime DOES pay. Now calculate the 2 years he's already been in jail, minus good behavior, minus 15% since all he has to do is serve 85%. He'll be out in I'm guessing less then 2 years. Now calculate how many months at $300.00 a month to pay back $25MILLION dollars. LOL.....I may quit my job, rob a bank, sit in jail for 2 years and get to keep most of the loot......LOL


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