The New Jersey developer convicted with Bob Menendez pleads guilty to bank fraud

NEWARK, N.J. (AP) — A New Jersey real estate developer convicted alongside Democratic Sen. Bob Menendez has pleaded guilty to a separate bank fraud charge. Prosecutors say Thursday that 67-year-old Fred Daibes entered the plea in U.S. District Court in Newark. He was charged with making false statements concerning a 2008 loan. Prosecutors say Daibes was chairman and CEO at Mariner’s Bank when he falsely said another person was the borrower on a $1.8 million loan. Authorities say the line of credit was actually for him. The charges carry a maximum penalty of 30 years in prison and a top fine of $1 million.