Monmouth County, NJ - Court Appoints Co. to Pay Creditors Affected By Dwek Bank Fraud Scheme

Monmouth County, NJ - Superior Court Judge Alexander D. Lehrer has appointed an alliance formed between Wick Co. and Sitar Co. Oncor International to market a sizable commercial and residential real estate portfolio amassed by indicted real estate developer Solomon Dwek.

The portfolio of nearly 270 properties is valued at more than $400 million and consists of shopping centers, vacant land, residential homes, and office, industrial, multifamily and mixed-use properties primarily in New Jersey's Monmouth and Ocean counties.
According to the court order, approximately 66 of the properties are currently losing money.

Dwek was charged earlier this year by Monmouth County prosecutors with scheming to defraud Pittsburgh-based PNC Bank out of $50 million. He was arrested after misrepresenting himself at two PNC branches, attempting to deposit two $25 million checks drawn from a closed business account.
The bank fraud charge carries a maximum term of 30 years in prison and a maximum fine of $1 million.