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

New York /
Apr.April 16, 2019 05:20 PM

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]


Related Articles

arrow_forward_ios
Marcus Partners CEO Paul Marcus and 18-20 Harmich Road in South Plainfield, New Jersey (Getty Images, Lee & Associates, Marcus Partners)
Private equity firm buys South Plainfield warehouses for $37M
Private equity firm buys South Plainfield warehouses for $37M
31-35 Styertowne Road in Clifton and Longpoint’s Managing Partner Dwight Angelini (Google Maps, Longpoint)
Longpoint buys Passaic County warehouses for $18.5M
Longpoint buys Passaic County warehouses for $18.5M
Thor Equities' Joseph Sitt (Joseph Sitt, Getty)
Thor completes hat trick of NJ industrial acquisitions
Thor completes hat trick of NJ industrial acquisitions
Rising sea levels
Climate change’s higher tides could threaten $34B of coastal real estate
Climate change’s higher tides could threaten $34B of coastal real estate
A photo illustration of Triple Five Group's Paul Ghermezian (Getty Images, Triple Five Group)
American Dream owner Triple Five Group hit with sexual harassment suit
American Dream owner Triple Five Group hit with sexual harassment suit
Equity Residential CEO Mark Parrell and 70 Greene Street in Jersey City (Equity Residential, LVC Interiors, Getty Images)
Equity Residential’s Jersey City tenants allege floods, faulty elevators
Equity Residential’s Jersey City tenants allege floods, faulty elevators
STRO's Steven Millstein with 1150 McBride Avenue (RSTO, Getty, Loopnet)
Tri-state deal roundup: A run of New Jersey office refis
Tri-state deal roundup: A run of New Jersey office refis
Ares CEO Michael Arougheti (Getty)
Ares pays $139M for NJ industrial complex
Ares pays $139M for NJ industrial complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...