Madison Resident Admits Role in Improperly Obtaining Loans from Mariner's Bank

NEWARK, N.J. – Michael McManus, 67, of Madison has 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, announced Attorney for the United States Vikas Khanna.

In addition to McManus, his accomplice, Fred Daibes, 67, of Edgewater, 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, stated authorities.

CLICK HERE TO SIGN UP FOR THE FREE TAPINTO.NET NEWSLETTER

In fact, the line of credit was for the benefit of Daibes. 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.

Both McManus and Daibes admitted  roles in improperly obtaining a nominee loan from the bank,  stated  Khanna.

The charges McManus pleaded guilty to carry a statutory maximum term of imprisonment of 3 years and a maximum fine of $250,000. Sentencing for

The charges  Daibes pleaded guilty to carry a statutory maximum term of imprisonment of 30 years and a maximum fine of $1,000,000.

DOWNLOAD THE FREE TAPINTO APP FOR MORE LOCAL NEWS. AVAILABLE IN THE APPLE STORE AND THE GOOGLE PLAY STORE .

Both defendants will be sentenced on Jan. 23, 2025.

For more local news, visit TAPinto.net