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NEWARK, N.J. (AP) - A mortgage broker on Wednesday admitted he helped a real estate developer cheat a bank by falsely pledging to cover a $25 million check the developer had deposited from a closed account.
The broker, Joseph Kohen, 37, pleaded guilty to a single charge of bank fraud, which carries up to 30 years in prison and a $1 million fine. He was released on $100,000 bond pending a June 27 sentencing hearing.
Developer Solomon Dwek is accused of cheating PNC Bank out of about $22 million by depositing two $25 million checks, drawn on a closed account, then withdrawing nearly half the money. He was arrested in May on federal bank fraud charges.
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