Fred Daibes Pleads Guilty to Bank Fraud

Fred Daibes, a New Jersey real estate developer previously convicted of bribing Senator Bob Menendez, has pleaded guilty to bank fraud related to a $1.8 million loan he fraudulently obtained in 2008 while serving as chairman of Mariner's Bank. Daibes admitted to making false entries and misrepresenting the borrower on the loan application. His guilty plea, which avoids a trial, carries a potential prison sentence of 18 to 37 months, with sentencing set for January 23, 2025. This bank fraud case is closely tied to the bribery charges against Menendez, who accepted cash and gold bars in exchange for intervening in Daibes' case. Both Daibes and Menendez are awaiting sentencing for their respective charges, with Menendez facing a trial for bribery on October 29. Daibes’ attorney intends to seek a concurrent sentence for both convictions.