T
he case against Fred Daibes, a real estate developer from Bergen County, is one of several involving Sen. Bob Menendez. In 2018, Daibes was accused of bank fraud, allegedly securing millions in loans for his benefit without regulators' knowledge or bank approval. The case centered on a $1.8 million loan from Mariner's Bank that was falsely identified as belonging to someone else.

    Daibes pleaded guilty to one count of bank fraud, which was accepted by the judge. The maximum sentence he faces is 30 years in prison and a $1 million fine. The other 13 counts in the indictment were dismissed.

    Daibes' legal troubles began when he was found guilty of fraud, bribery, and obstruction of justice in another case. He allegedly bribed Menendez with cash and gold bars in exchange for favorable business dealings with Qatar. He later filed for an acquittal and demanded a new trial, claiming the evidence against him was insufficient and the bribes were just gifts.

    Daibes' sentencing in the bank fraud case is scheduled for January, while Menendez's sentencing in the broader scandal is set for the end of October. The case against Menendez involves allegations that he accepted bribes from Daibes for helping to secure a business deal between Qatar and Menendez's political post in the Senate.