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Prominent Bergen County Developer Indicted

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the staff of the Ridgewood blog

Edgewater NJ,  The former CEO of Mariner’s Bank and an accomplice both were charged today for their roles in a scheme to obtain nominee loans from Mariner’s Bank, U.S. Attorney Craig Carpenito announced.

Fred Daibes, the former CEO and Chairman of the Board of Directors at Mariner’s Bank, and Michael McManus, the CFO of Daibes Enterprises, a consortium of companies specializing in real estate development, were charged by a federal grand jury with one count of conspiracy to misapply bank funds and to make false entries to deceive a financial institution and the FDIC. Daibes, 61, of Edgewater, New Jersey, also was charged with five counts of misapplying bank funds, six counts of making false entries to deceive a financial institution and the FDIC, and one count of causing reliance on a false document to influence the FDIC. McManus, 61, of Madison, New Jersey, was charged with four counts of misapplying bank funds, one count of making false entries to deceive a financial institution and the FDIC, one count of causing reliance on a false document to the influence the FDIC, and two counts of loan application fraud. The defendants will have their initial appearances and arraignments at a later date.

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