I've posted the entire article from the Asbury Park Press below.

Seems a typical flim flam corrupt real estate kike jerkoff managed to deposit a bad check for $25 million and then somehow was able to wire the funds out of the account before the check was declined.

I'm urging anyone who reads this and has a PNC bank account to close your accounts immedialtely. Any financial institution stupid enough to get ripped like this does not deserve your business.

This is just bad news all the way around. I'm not surprised by a kike committing white collar crime but I am god damn fucking angry at this piece of shit bank for getting taken like this. And you better believe those dick heads at the bank are going to make up this loss by jacking their customers with high interest rates on loans and outrageous account fees. FUCK PNC BANK!!!!

http://www.app.com/apps/pbcs.dll/article?AID=/20060505/NEWS/605050454
PNC wants FBI probe of $25M bad check

Bank says losses total about $20M
Posted by the Asbury Park Press on 05/5/06
BY JAMES W. PRADO ROBERTS
STAFF WRITERWith a single bounced check, real estate investor Solomon Dwek caused the nation's 18th-largest bank to lose more money in one day than it did on all its bad loans in the first quarter of the year, the bank says.

The bank, PNC Financial Services Group, has contacted the FBI seeking a criminal investigation, according to a knowledgeable source.

Nineteen hours after Dwek deposited a bad $25.2 million check April 24 at a drive-through teller window at a PNC Bank branch in Eatontown, he ordered wire transfers totaling $23 million to pay off debts, according to court records.

Although employees at the Eatontown branch knew Dwek, 33, of Ocean Township, had closed his checking account months earlier, Dwek reassured them he had just talked to "corporate" to reopen the account. He stated that the money was being electronically transferred in at that moment, according to court papers PNC filed.

But by the next morning, April 25, Dwek had transferred the $23 million out and never made good on promises to cover the check, according to PNC. The bank ultimately was left with a $20 million shortfall.

The amount PNC Bank says it is owned exceeds the $18 million in bad debt that parent company PNC Financial Services Inc. wrote off on $49 billion in loans during the first three months of the year, according to company financial statements.

Exceptions the rule

A banking expert said it is routine for banks to make exceptions to their standard check processing rules to curry favor with valued customers.

PNC stated in court that Dwek had personal and business accounts with the bank and "frequently conducts very large transactions."

Dwek, the son of a respected Deal rabbi, is also vice president of the 300-plus student Deal Yeshiva in West Long Branch and has a reputation for helping families in need.

Dwek is known in the area for paying cash for both commercial and residential properties, and he has taken the local real estate market by storm in the past five years.

Although PNC contends Dwek took advantage of his relationship with the bank to defraud the company out of millions, that the bank accepted Dwek's story without checking it out would be "shocking," said Gerard S. Cassidy, managing director of bank equity research at RBC Capital Markets.

Such high-value customers "are more important to the bank because they are more profitable to them than someone who keeps $100 in an account and lives paycheck to paycheck," Cassidy said.

But the bank's actions in Dwek's case are "not normal procedure for any bank in the country, particularly for a check of that size."

PNC said that before it could determine if Dwek had actually transfered the $25 million to cover the check, he had withdrawn the bank's money. The bank essentially had floated Dwek $25 million for the night.

The company said it refused to honor another $25 million check Dwek tried to deposit later that day.

Hearing upcoming

Pending a full hearing May 12, Superior Court Judge Alexander D. Lehrer, sitting in Freehold, froze Dwek's properties and assets Wednesday. Dwek's lawyer, Michael B. Himmel, declined to comment on the case.

After withdrawing the money, PNC says, Dwek did give the bank $2.5 million but bounced $600,000. He still owes the company more than $20 million, according to the bank.

Dwek's assets include more than 60 New Jersey properties PNC says Dwek owns — many of them in Ocean and Monmouth counties. PNC says it wants to bar Dwek from selling his properties and stock in another bank so it can reclaim its millions.

"It's a lot of money, even for PNC," Cassidy said. "You would have to assume that proper training of employees would require them to verify — before making funds available — that the funds came in. If they did not check and they made funds available the next day, that's a major flaw in their controls and procedures."

If the money isn't recovered by the end of June, PNC will be forced to report the loss to shareholders in its second-quarter financial report, Cassidy said.

A "shocker"

Ocean Township Councilman Christopher Siciliano, a real estate agent, said PNC's suit against Dwek was a "shocker, but I've had my doubts."

"I noticed about five years ago that he really hit the scene hard," Siciliano said. "He seduced the real estate buying community with his buying prowess. He was buying properties with reckless abandonment.

"His big come-on to folks, the lure that attracted people, was that he was a cash buyer. . . . You almost create your own market by doing that. People would say: "We're going to wait for Solomon Dwek. He's got cash.' It was seductive, absolutely."

PNC Bank spokesman Brian E. Goerke said the company would not discuss the specifics in the matter. "A thorough investigation is under way by the proper authorities," he said. "We are taking the appropriate steps to recover the funds."

Mike Drewniak, a spokesman for the U.S. Attorney's Office in New Jersey, said he could neither confirm nor deny an ongoing investigation.

Another complaint

In a related matter, a business partner of Dwek's filed a lawsuit against him Thursday, asking to intervene in the PNC Bank case.

The partner, Jack Hakim of Ocean Township, accuses Dwek of cheating him out of $2.6 million that he paid in September as an investment in a Neptune property, and of failing to repay $1.1 million Dwek personally borrowed in December, according to the lawsuit filed by lawyer Vincent P. Manning.

The lawsuit contends that Lehrer's order now bars Dwek from repaying Hakim.

One of the buildings frozen by the judge is the Neptune property mentioned in Hakim's suit. Meridian Health, a hospital chain that runs Jersey Shore University Medical Center in Neptune, Riverview Medical Center in Red Bank and Ocean Medical Center in Brick, had talked to Dwek about leasing space for doctors in the Neptune office building, according to Meridian spokesman Michael Valentino.

"In the past, we have entered into and completed real estate transactions with Mr. Dwek," Valentino said. "All have been closed without incident."

Ocean Township's Siciliano said Dwek recently bought several properties off Logan Road in Ocean and has a contract with a another investor to buy eight lots from the township for $2.4 million. And Siciliano's company — Gavin Agency in the township's Oakhurst section — had pending sales to Dwek for two single-family homes, but it is putting those properties back on the market.

"I bet a lot of Realtors are affected right now with pending contracts," he said.

On Thursday, Lehrer issued an order allowing a Bradley Beach condominium on Newark Avenue owned by a Dwek-controlled company to be sold, following a request by a lawyer involved in that transaction.