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Developer Charged Alongside of U.S. Sen. Bob Menendez Seeks Postponement

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the staff of the Ridgewood blog

Edgewater NJ,Fred Daibes, the North Jersey developer facing charges alongside U.S. Sen. Bob Menendez in an alleged bribery scheme, has requested a postponement of his trial date in a separate bank fraud case until after Menendez’s trial concludes.

Daibes’ attorney, Lawrence S. Lustberg, has urged that Daibes’ trial be scheduled after Menendez’s, set to commence on May 6, 2024. Lustberg argued in a court document filed on Dec. 14 that the outcome of Menendez’s proceedings is likely to significantly impact Daibes’ case.

Daibes is among five individuals indicted in an alleged corruption scheme involving Senator Menendez and his wife, Nadine Arslanian Menendez. Daibes has pleaded not guilty to charges related to this corruption case, where Menendez is accused of covertly acting as an agent for the Egyptian government.

Menendez’s indictment also revealed his purported involvement in Daibes’ bank fraud charges. Prosecutors allege that the senator recommended a U.S. attorney nomination to President Joe Biden, believing he could sway the case in Daibes’ favor.

In the bank fraud case, the government asserts that Daibes and Michael McManus, CFO of Daibes Enterprises, utilized unnamed individuals to secure millions in loans without the bank’s or FDIC’s knowledge. Alleged activities took place from 2008 through 2013.

In October, Judge Susan D. Wigenton rejected plea agreements from Daibes and McManus in the bank case shortly after Menendez’s indictment. Daibes subsequently withdrew his plea deal.

Daibes previously admitted to receiving over $1 million from Mariner’s Bank and pleaded guilty to making false entries in a loan memorandum. His sentencing hearing has been postponed four times. Daibes pleaded guilty to a single count from the original 14-count indictment, involving a 2008 memo for a $1.8 million nominee loan with falsified borrower details. He funded the repayment himself, according to prosecutors. Lustberg clarified that he is not proposing a complete stay in the matter, allowing for progress if opportunities arise during Menendez’s trial.

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5 thoughts on “Developer Charged Alongside of U.S. Sen. Bob Menendez Seeks Postponement

  1. Throw away the key…

  2. Menendez gets re-elected in a historic landslide in NJ. He has nothing to worry about.

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  3. Yet they keep indicting Trump on such flimsy “evidence”.

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  4. You all better hope that trump gets back in. If not we will be in trouble with a big war to deal with.

  5. Daibes, the guy who bragged about owning an WWII Nazi staff car. That guy? Hell is waiting and welcoming. Scum.

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