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Fred Daibes indicted

By David Wildstein, October 30 2018 4:00 pm

Real Estate developer Fred Daibes, a major donor to candidates from both parties, was indicted today for his role in a scheme to obtain loans from a Bergen County bank he ran.

Michael McManus, the CFO of Daibes Enterprises, was also indicted.

A federal grand jury indictment charges that Daibes orchestrated a plan to circumvent lending limits to push millions in loans to his company while concealing his personal interest in those loans.

Daibes’ attorney, Larry Lustberg, said that he expects his client to be cleared.

“The government’s action in indicting Mr. Daibes today is completely unjustified, both legally and factually. The U.S. Attorney is well aware, after a 6-year investigation, that there is no victim, no deception, and no fraud. Mariner’s Bank is owned by Mr. Daibes and the government knows he invested millions of dollars into the Bank during the course of this investigation,” said Lustberg.  “The notion that he defrauded himself is patently ridiculous and every penny of every loan has been paid back.  I am completely confident that Mr. Daibes’ name will be cleared.”

Fred Daibes
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