Bergen County real estate developer admits to role in bank fraud scheme

April 16, 2019 05:20PM

Englewood-based developer James Demetrakis, 79, admitted last week to his role in a scheme to illegally obtain loans from Mariner’s Bank, according to a statement from the U.S. attorney’s office in Newark. NorthJersey.com reported that Demetrakis copped to helping his longtime business associate Fred Daibes obtain loans from Mariner’s Bank, of which he was a founder and former chairman. NJ.com reported that authorities accused Daibes, also a real estate developer known for his work in various Hudson River towns along New Jersey’s so-called Gold Coast, of working with Demetrakis to evade bank loan lending limits. Daibes was indicted in October on charges of arranging a series of crooked loans from Mariner’s Bank, which has branches throughout northern New Jersey. News12 New Jersey noted that Daibes is also involved in another legal scuffle involving the former Hess oil terminal in Edgewater, where the town is seeking to seize the 18.7-acre property through eminent domain to build a garage and park. Demetrakis faces up to five years in prison and a maximum fine of $250,000 after pleading guilty to one count of conspiracy to make false entries to deceive a financial institution and the Federal Deposit Insurance Corporation. [NorthJersey.com]