Hudson County, N.J., Man Admits Paying Bribes For $3.5 Million Line Of Credit
TRENTON, N.J. – A Hudson County, N.J., man today admitted his role in paying bribes valued at $49,000 to a bank officer at Mariner’s Bank in Edgewater, N.J., to renew a $3.5 million line of credit, U.S. Attorney Paul J. Fishman announced.
Rolando Cribeiro, 49, of North Bergen, N.J., pleaded guilty before U.S. District Judge Peter G. Sheridan in Trenton federal court to an Information charging him with one count of bank bribery.
According to documents filed in this case and statements made in court:
Cribeiro was the owner of CP Building Corp., a/k/a C&P Floor Covering Inc., a/k/a C&P Building Enterprises, a/k/a Roly’s Carpet, a general contracting company located in West New York, N.J.
In 2008, Cribeiro was financially unqualified to renew a previously approved $3.5 million line of credit with Mariner’s Bank. Cribeiro made multiple payments to a bank officer who was assigned responsibility for Cribeiro’s line of credit. The corrupt payments were made in exchange for the bank officer renewing and continuing the line of credit. Cribeiro gave the bank officer a check for $6,500 and cash payments of approximately $5,000 and $3,500. Cribeiro also provided the bank officer with a rent-free apartment in Cribeiro’s apartment building in Newark, relieving the bank officer of approximately $35,000 in rent payments.
The bank bribery charge carries a maximum potential penalty of 30 years in prison and a maximum fine of $1 million. Sentencing is currently scheduled for Sept. 5, 2013.
U.S. Attorney Fishman credited special agents of the FBI, under the direction of Special Agent in Charge Aaron T. Ford in Newark, and criminal investigators from the U.S. Attorney’s Office in Newark, with the continuing investigation leading to the guilty plea.
The government is represented by Assistant U.S. Attorney Zahid N. Quraishi of the U.S. Attorney’s Office Special Prosecutions Division in Newark.
Defense counsel: Arthur P. Zucker Esq., Hackensack, N.J.