Dwek pleads guilty to $50 million bank fraud

In the end, Solomon Dwek's scribbled signature on a check with too many zeros led to his downfall. In less than four years, Dwek has gone from a well-respected real estate mogul with a $300 million empire in seven states to a community outcast and admitted felon. Dwek, 37, pleaded guilty Tuesday in federal court in Newark to one count each of money-laundering and bank fraud, charges that can put him in prison for up to 11 years. He admitted that he defrauded PNC Bank April 24, 2006, by depositing a phony $25.2 million check — which was credited to his account before the checked cleared — and then wiring away $22.2 million the next day. A day later, he tried the same scam, which was rejected after PNC already lost millions. Posted in: Check Fraud