Wednesday, May 10, 2006

This Dwek Mess is Getting Interesting

The Asbury Park Press has been following the apparent ruination of local real estate mogul Solomon Dwek. To make what is likely to be a long story short, Dwek tried to pass a $25 million bad check and got caught and now his real estate empire in Monmouth County is crumbling. According to the APP and the Monmouth County Tax site, Solomon Dwek owns between 110 to 140 properties in Monmouth County, including residential and commercial buildings.

From the looks of things, these properties were bought in the past three years. Also, it looks like Dwek intended to flip these properties. If you want to see what all of the Dwek properties were bought for and there locations, follow the directions below:

1. Go to this site

2. Go to the tab marked (3) District and choose “ALL”

3. In the box at the bottom that says OWNER, type Dwek.

4. Press “Submit Search”

From the Asbury Park Press

“Real estate mogul Solomon Dwek used $60.2 million of his uncle's money to buy 129 residential and commercial properties since 2003 but didn't put the properties into his uncle's name as promised, the elder Dwek claimed in court papers filed Tuesday.

Joseph Dwek of Brooklyn said his nephew does not rightfully own the New Jersey properties and asked a Superior Court judge to change his order that froze all of Solomon Dwek's assets last week.”

More...

19 Comments:

Blogger njcoast said...

I've been following this guy for a long time. All his properties are mortgaged to the hilt. The unraveling of these properties should be very interesting to say the least.

Wednesday, May 10, 2006 8:23:00 PM  
Anonymous rbyzell said...

rarely long term planning by good people. where are the good people? you see they're out there, but if the good people were running things, the world wouldn't be such a bad place.

Wednesday, May 10, 2006 9:36:00 PM  
Anonymous Anonymous said...

What I want to know is how an asshat like that can accumulate that much RE by age 33.

Obviously much of it was handed to him. Too bad no one taught him business sense.

Wednesday, May 10, 2006 10:45:00 PM  
Anonymous Anonymous said...

If a lot of this swap's was done in a reglious acct there is NO tax...easy to accumulate wealth when you don't pay tax !

Thursday, May 11, 2006 9:44:00 AM  
Anonymous Anonymous said...

The Syrian community in Monmouth Co. does some shady deals.

Thursday, May 11, 2006 10:29:00 AM  
Anonymous for shore said...

No need for ad hominem discriminatory attacks. One person's foolishness and ethical lapse, should not be imputed to others.

That said, the insider uncle's plea to the court is paper-thin, just a way to limit Sol's exposure to PNC. The Dweks have no paper for their "agreement." No way the judge grants his motion. Statute of fraud requires conveyances of land to be in writing. Without documentary evidence of the uncle's interest, he has no leg to stand on.

What I'm waiting for is three intriguing creditors to come along and file an involuntayr bankruptcy petition against Dwek. That'll really screw PNC, leabing them as unsecured schmos. In any case, whatever they recover in Freehold would be brought into a bankruptcy case if one is filed within 90 days of any recovery.

I'm sure the uncle will get this into bankruptcy if the judge denies his motion b/c his prime motive to limit PNC's recovery. His lawyers at Cole Schotz have a decent bankruptcy practice and will be happy to be paid to get that going

Thursday, May 11, 2006 2:18:00 PM  
Anonymous Anonymous said...

OK,

I have a bit of inside knowledge on this, and Dwek has been operating for about a decade already. I do not know him personally, but he seems to have been wheeling and dealing from the start. I think there are some very wealthy cohorts who got quite burned in this and I am aware that Dwek was looking for cash from many sources just before the bounced check thing.

I think there is going to be quite a line for repayment; this guy may have blown the family fortune.

Thursday, May 11, 2006 2:27:00 PM  
Blogger Long Island Guide said...

This comment has been removed by a blog administrator.

Thursday, May 11, 2006 3:52:00 PM  
Anonymous Anonymous said...

I wonder if Dwek is related to the Antars (of Crazy Eddie fame). The were certainly neighbors and appear to have slept through the same ethics class.

Thursday, May 11, 2006 6:44:00 PM  
Anonymous Anonymous said...

Yeah, the more I read this the more I think if Eddie Antar and his clan. They followed the same brooklyn (Crooklyn) to Ocean to fraud to jail path.

Eddie did it by defrauding investors. Sol defrauded a bank.

The news said his atty called him "not a flight risk" because he "has deep roots in his community." I believe they said the same thing about Mr. Antar - before he fled to Israel.

Thursday, May 11, 2006 8:48:00 PM  
Anonymous Anonymous said...

why dont you all KEEP QUIET and try to live you own life and allow justice and truth to be revealed with time...dont smile with glee as tomorrow is coming and it may be your name instead of his !

Friday, May 12, 2006 1:59:00 AM  
Anonymous Anonymous said...

why dont you all KEEP QUIET and try to live you own life and allow justice and truth to be revealed with time...dont smile with glee as tomorrow is coming and it may be your name instead of his !

You're kidding right?

Two facts to ponder:

1. PNC shareholders may visit this site. They are quite entitled to voice their opinion. Why would they smile?

2. 99.999% of the readers here understand ethics and were raised to distinguish right from wrong. Therefore it's doubtful their name will ever be in the news under circumstances even remotely close to Dwek's.

Just saying.

Friday, May 12, 2006 6:48:00 AM  
Anonymous mrdenis said...

this just goes to how preposterous property taxes really are ,here you have a guy buying property he hasen't even seen overypaying for most of them,now however when property is assessed it is over by 10 to 15%.and YOU and I pay on this assesment !All thanks to some jerk that made his own REAL ESTATE bubble !

Friday, May 12, 2006 12:17:00 PM  
Anonymous Anonymous said...

Why is that one class of people always trying to pull a fast one on other people ?How much does one need in life,....does stealing always reap it's rewards? I think not

Saturday, May 13, 2006 11:27:00 AM  
Anonymous 4th wise man said...

"For Shore", thanks for defending the most basic and simple rule when judging a PERSON in a group of people you are not supposed to judge the whole group of people.

Monday, May 15, 2006 5:43:00 PM  
Anonymous Anonymous said...

paying off HSBC , maybe was done as another guy named Dwek is a Vice Chairman of HSBC, maybe that is Y, Solomon stole from PNC. to get the other Dwek off the hot seat.

Monday, May 15, 2006 11:00:00 PM  
Anonymous Anonymous said...

This site is one of the best I have ever seen, wish I had one like this.
»

Thursday, May 18, 2006 4:40:00 AM  
Anonymous Anonymous said...

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Thursday, May 18, 2006 4:43:00 AM  
Anonymous Anonymous said...

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Thursday, May 18, 2006 4:48:00 AM  

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