Ocean Township, NJ - Real Estate Mogul Solomon Dwek Arrested

Ocean Township, NJ - Real estate millionaire developer Solomon Dwek vice president of the Deal Yeshiva and son of Rabbi Isaac Dwek, a leader in the Sephardic Jewish community and the head of the Synagogue of Deal, a prominent Monmouth County rabbi, was arrested at his Ocean Township home and was charged with trying to defraud a bank of more than $50 million.

Solomon Dwek, 33, of Ocean Township, was accused of depositing a bogus $25 million check at the PNC Bank in Eatontown last month and spending $22 million of it before he was caught. He then tried to deposit a second bogus $25 million check at a different PNC branch, but employees stopped him, he was arrested without incident by a law enforcement task force that included members of the FBI, the Monmouth and Ocean County prosecutor's offices, and the Brick police department.

Dwek had his initial appearance in U.S. District Court, District of New Jersey, Newark in front of U.S. Magistrate Judge Mark Falk. He was charged with bank fraud, a crime that carries a maximum penalty of 30 years in prison and a $1 million fine.

Dwek appeared in court with his feet shackled and his hands cuffed behind his back. Federal marshals made him remove his belt after his arrest. As he stood before Falk, he tugged clumsily at his pants to keep them from falling down. His father and other family members were in court with him.

The U.S. Attorney's Office argued Dwek is a significant flight risk because of the amount of money involved and asked for high bail. Falk set bail at $10 million. The amount is secured by $3 million of equity in the Deal homes of Dwek's mother-in-law and sister-in-law. Dwek and his wife, Pearl, were ordered to surrender their passports.