Ocean Township, NJ - Solomon Dwek Properties Worth $300 Million

Ocean Township, NJ - Real estate mogul Solomon Dwek, facing federal bank fraud charges, owns or partially owns at least 350 properties worth $300 million, his lawyer said.

Dwek also needs $23,000 a month to support himself and his family, said Robert A. Weir Jr., Dwek's Red Bank attorney. Weir has asked the judge overseeing Dwek's finances to allow the real estate investor to draw about $5,300 a week, or $276,000 a year, from his frozen assets. Dwek, currently has no income to support four children and his pregnant wife, Weir said. "We've tried to put in a reasonable request to cover expenses," Weir said.

The most recent list of properties is "more extensive than has been known," said Donald M. Lomurro, the fiscal agent. But Dwek hasn't yet finished compiling the list of properties in which he has an interest, or tallied his debts, Lomurro and Weir said. "We believe he has enough equity to pay his debts," Weir said.
Lomurro also said Monday that he is optimistic there will be enough money to pay creditors.
In addition to PNC Bank, several people claim Dwek owes them millions of dollars.
Three of Dwek's former partners and investors, including an uncle, separately accused Dwek of cheating them out of a total of $87.5 million.

Also has Dwek been vice president of the Deal Yeshiva, West Long Branch, where his father, leader of the Deal-area Syrian Jewish community, is president. In 2004, Dwek was paid $212,000 by the religious school, and his wife, Pearl, was paid $106,000 by the yeshiva as a secretary, according to federal tax records.
But Weir said that his client's status at the yeshiva is "on hold pending all of the work that needs to be completed to resolve his credit problems right now."
Weir wouldn't comment on whether Pearl Dwek was still being paid by the yeshiva.