Former CEO of Mariner’s Bank and accomplice admit roles in obtaining nominee loans from Mariner’s Bank
NEW JERSEY – The former chief executive officer of Mariner’s Bank and an accomplice, a Morris County resident, both admitted their roles in improperly obtaining a nominee loan from the bank, according to Attorney for the United States Vikas Khanna.
Fred Daibes, 67, of Edgewater Township, the former CEO and chairman of the board of directors at Mariner’s Bank, pleaded guilty before U.S. District Judge Susan D. Wigenton in Newark federal court to Count 7 of an indictment charging him with making false entries in connection with a Mariner’s Bank loan memorandum dated June 11, 2008, relating to a $1.8 million loan which falsely stated that a nominee was the borrower. In fact, the line of credit was for the benefit of Daibes, Khanna said.
The memorandum falsely stated that the source of repayment would be the personal cash flow of the nominee when, in fact, Daibes would and did fund the payments on the line of credit, Khanna said.
Michael McManus, 67, of Madison Borough pleaded guilty to an information charging him with misprision of a felony, that is, the misapplication of the proceeds of the $1.8 million loan issued by Mariner’s Bank, Khanna said.
The false entries count to which Daibes pleaded guilty carries a statutory maximum term of imprisonment of 30 years and a maximum fine of $1,000,000. The misprision count to which McManus pleaded guilty carries a statutory maximum term of imprisonment of 3 years and a maximum fine of $250,000.
Sentencing for both is scheduled for Jan. 23, 2025.
