NJ broker sentenced in $25M fraud scheme

Former New Jersey mortgage broker Joseph Kohen has been sentenced to 30 months in prison for committing a $25 million fraud against PNC Financial Services Group, the Wall Street Journal reported. Kohen, 40, of Long Branch, had previously admitted to committing the crime with associate Solomon Dwek, who was the key figure in New Jersey’s largest corruption investigation that led to dozens of arrests in 2009. Dwek later pleaded guilty to bank fraud and money laundering charges. The U.S. Attorney’s office said yesterday that Kohen and Dwek used false representations and promises to defraud PNC Bank, causing it to lose $20 million. Judge Jose Linares also sentenced Kohen to five years of supervised release and ordered him to pay $22.8 million in restitution. The case followed investigation by the Federal Bureau of Investigation, the Internal Revenue Service and the Monmouth County prosecutor’s office. [WSJ]