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Posts Tagged ‘Solomon Dwek’

Apple Jacks, Prada, And Kidney Trafficking: Taking Stock Of The New Jersey Arrests

TPM Muckraker- By Zachary Roth – July 27, 2009, 12:04PM

At 6am last Thursday, more than 200 FBI and IRS agents fanned out across the state of New Jersey, as part of that corruption and money-laundering probe that ended up netting 44 people, including mayors, rabbis, and a state lawmaker.

Now that the dust has settled, it’s worth taking a look at the whole sprawling operation.

The story (sub. req.) starts with a 36-year-old real-estate investor and philanthropist named Solomon Dwek. Dwek, a member of the tight-knit Syrian-Jewish community of Deal, New Jersey, used family connections — his father is a prominent local rabbi — to win investors’ trust and build a real-estate fortune whose value at one time approached $500 million.

But at some point, Dwek appears to have taken out more loans than he could pay back. In 2006, in an effort to pay back his creditors, he allegedly deposited a $25 million check at PNC Bank, which was not backed by funds. He was charged with defrauding the bank out of $25 million.

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