NJ - $25,000,000 NSF Check

Oopps!!.....ehhh........somebody has some 'splainin' to do!

http://abclocal.go.com/wpvi/story?section=nation_world&id=4146932

Investigators Look Into Huge Bounced CheckMay 5, 2006 -


A PNC bank branch in North Jersey waived its normal procedures and accepted for deposit a 25 Million dollar check at a drive-through teller window

...........more at link, it's a really short article ................but very expensive! for somebody :angel: ..........

well, I suspect he has holdings with the bank in that amount or more,in some form or another. Which is why they let it fly. As far as wiring on an uncleared check, that's just a no no.

JBean said:

well, I suspect he has holdings with the bank in that amount or more,in some form or another. Which is why they let it fly. As far as wiring on an uncleared check, that's just a no no.

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This guy was probably doing quite a bit of business with this bank and for some time. I thought all RE transactions had to be done with certified checks except for the initial hold on the property with an offer.

HOWEVER, and I'm not saying it's so, but someone could work for one, two, three years on a scheme to steal $23 mil, which is the amount he withdrew. The fact that he used the drive-up the majority of the time, well, that could also be an indication it could possibly be a set-up. IF he were to go into the bank all the time, he would be be more clear on surveilance tapes. I'm not sure, but I would bet it would be easier to wear and get away with a disguise at a drive-up window.

Good grief! Like you said he might already have a lot of holdings with that bank. They may even hold the note of some of his properties.

Let's just say, I wouldn't want to be the person who approved the release of these funds before the check had cleared the bank.

JMHO
fran

fran said:

This guy was probably doing quite a bit of business with this bank and for some time. I thought all RE transactions had to be done with certified checks except for the initial hold on the property with an offer.

HOWEVER, and I'm not saying it's so, but someone could work for one, two, three years on a scheme to steal $23 mil, which is the amount he withdrew. The fact that he used the drive-up the majority of the time, well, that could also be an indication it could possibly be a set-up. IF he were to go into the bank all the time, he would be be more clear on surveilance tapes. I'm not sure, but I would bet it would be easier to wear and get away with a disguise at a drive-up window.

Good grief! Like you said he might already have a lot of holdings with that bank. They may even hold the note of some of his properties.

Let's just say, I wouldn't want to be the person who approved the release of these funds before the check had cleared the bank.

JMHO
fran

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It doesn't say it was real estate transaction. Escrow checks are not certified and proceeds are typically issued in the form of an escrow check, which is not certified or guaranteed. But, many banks assume they are good and will give credit for them. I doubt it was an escrow check or it probably would not have bounced.
The question is, who wrote the check? They are the ones that have, at this point, done something wrong. if this guy truly thought the check was good and used his relationship to wire funds to other accounts, then he isn't the one at fault, although he will need to return the money.
But, you are right in that it could have easily been a long term set up and he forged a check from somewhere to get this cash.But since they know where it was wired, it would be pretty hard to abscond with the money..all traceable. I will be curious to see where the check was drawn and what happened.
great story Fran.

I want to know what the banks NSF fee is............... hmmm.

JBean said:

It doesn't say it was real estate transaction. Escrow checks are not certified and proceeds are typically issued in the form of an escrow check, which is not certified or guaranteed. But, many banks assume they are good and will give credit for them. I doubt it was an escrow check or it probably would not have bounced.
The question is, who wrote the check? They are the ones that have, at this point, done something wrong. if this guy truly thought the check was good and used his relationship to wire funds to other accounts, then he isn't the one at fault, although he will need to return the money.
But, you are right in that it could have easily been a long term set up and he forged a check from somewhere to get this cash.But since they know where it was wired, it would be pretty hard to abscond with the money..all traceable. I will be curious to see where the check was drawn and what happened.
great story Fran.

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Jelly:

It doesn't say it's a RE transaction, but they referred to him as a RE Investor, so I *advertiser censored*umed it involved a RE deal.

If he had the money wired to other banks at 3:00, walk outside to his car, use his cell phone to call each bank location he'd had the funds sent to, confirm the transfer and have another transfer, say to the Caymans or a #'d Swiss Bank account.

PSsssssssssssttttttttttttttt.........It's outta here!... Gone!... Kaput!!

Didn't you see The Firm?
Good movie, only it has ehhh Tom Cruise in it...ssshhhhh

JMHO
fran

PS......Julia..........It probably wouldn't be too bad, maybe 35 bucks. :dance: He could probably cover it. That is if they can find him!

OMGosh!! Someone is really, really, in trouble if this turns out to be a scam. They've probably already told the person who approved it, if they wanted to keep their shirt, they'd better leave immediately! :hand:

Oh Good Grief!! Could he have had help from the inside??????? :doh:
Intriguing.................. fran

http://therealestatebloggers.com/20...th-county-over-225-million-in-bounced-checks/

Solomon Dwek Arrested in Monmouth County Over 22.5 Million in Bounced Check

The sordid tale of Solomon Dwek will continue on far into the future as he has now been arrested in connection with the bouncing of 22.5 million dollars worth of checks and fulfilling an amazing trial of deception that threatens to be the trial of the year in New Jersey. Over 100 attorneys representing different clients packed a courtroom to put in claims against Dwek and a portfolio of over 200 homes.

fran said:

http://therealestatebloggers.com/2006/05/14/solomon-dwek-arrested-in-monmouth-county-over-225-million-in-bounced-checks/

Solomon Dwek Arrested in Monmouth County Over 22.5 Million in Bounced Check

The sordid tale of Solomon Dwek will continue on far into the future as he has now been arrested in connection with the bouncing of 22.5 million dollars worth of checks and fulfilling an amazing trial of deception that threatens to be the trial of the year in New Jersey. Over 100 attorneys representing different clients packed a courtroom to put in claims against Dwek and a portfolio of over 200 homes.

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That will be a good one to watch.