Fred Daibes Pleads Guilty to Bank Fraud

Fred Daibes, a North Jersey developer and co-defendant in a bribery case with Senator Bob Menendez, has pled guilty to federal bank fraud charges unrelated to the bribery allegations. His guilty plea was accepted by a federal judge in Newark, focusing on a scheme from 2008 to 2013 where he used nominee loans to secure funds for personal benefit without the bank's knowledge. Daibes, who was previously convicted of bribery and obstruction of justice alongside Menendez, faces a maximum sentence of 30 years for the bank fraud charges, with sentencing scheduled for January. The bribery case involved Daibes allegedly providing Menendez with cash and gold bars in exchange for political favors, which Menendez denied, claiming they were gifts. Daibes has since requested an acquittal and a new trial, asserting that the evidence against him was insufficient and that the payments were not bribes. Both Daibes and Menendez are set to be sentenced for their bribery convictions on October 29.