Solomon Dwek, a government informant who went undercover to help the federal government arrest 44 individuals as part of a probe of political corruption, money laundering and human organ trafficking, pleaded guilty to bank fraud and money laundering charges today.
Dwek, 37, admitted his plan to defraud PNC Bank out of more than $50 million. He faces a sentence of 108 to 135 months in federal prison in prison, although his cooperation in Operation Bid Rig and other federal probes is likely to win him a lighter sentence. Dwek is scheduled to appear in Superior Court at 1:30 today.
A Monmouth County real estate developer, Dwek said he had a scheme to launder $22.8 million of the proceeds through other banks, and planned to pay off a $20 million line of credit at HSBC bank. Dwek said he presented a $25,212,076 check to PNC from an account he controlled with a zero balance, and told the bank that a forthcoming wire transfer would cover it. The wire transfer never came, but Dwek was able to draw nearly $23 million out of the scheme.