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Contractor Admits to Bribing Bank Rep

Friday, May 17, 2013

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A New Jersey commercial contractor may spend 30 years behind bars and pay a fine of $1 million for his role in a bank bribery case.

Rolando Cribeiro, 49, of North Bergen, NJ, pleaded guilty to paying bribes to a bank officer in exchange for renewing a $3.5 million line of credit, according to the U.S. Attorney’s Office.

Cribeiro entered his plea before U.S. District Judge Peter G. Sheridan in Trenton to an Information charging him with one count of bank bribery, the U.S. Attorney announced Monday (May 13).

Mariner's Bank

Rolando Cribeiro, 49, the owner of CP Building Corp., admitted to paying off a bank officer at Mariner's Bank in Edgewater, NJ, to obtain a multimillion-dollar line of credit.

Cribeiro owned CP Building Corp., a general contracting company located in West New York, NJ. The company is also known as C&P Floor Covering Inc., C&P Building Enterprises, and Roly’s Carpet.

Paying Off Loan Officer

The case dates to 2008, when Cribeiro was financially unqualified to renew a previously approved $3.5 million line of credit with Mariner’s Bank in Edgewater, NJ, according to authorities.

Cribeiro gave an unidentified loan officer who was responsible for his account a check for $6,500 and cash payments of approximately $5,000 and $3,500, the prosecutor said.

The payments were made in exchange for the bank officer renewing and continuing the line of credit.

Cribeiro also provided the officer with a rent-free apartment in Cribeiro’s apartment building in Newark, relieving the bank officer of approximately $35,000 in rent payments, authorities said.

The loan officer has not been charged, but authorities said the investigation was continuing.

Attorney: 'He Lost Everything'

Criberio's attorney, Arthur P. Zucker of Hackensack, told a local newspaper that his client had "lost everything," including his business and properties in the economic downturn.

"Rolando is a completely self-made man, a very hard worker, and he built up a business from nothing," Zucker told The Record. "And when the real-estate business crashed, he was desperate and did something he shouldn't have done to try and save the business, and he's taking responsibility."

Zucker added that his client was "a good person" who was willing to accept the consequences for his actions.

Defendant Faces 30 Years, $1M

Cribeiro faces up to 30 years in prison and a fine of $1 million. Sentencing is scheduled for Sept. 5, according to U.S. Attorney Paul J. Fishman.

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.


Tagged categories: Criminal acts; Ethics; General contractors; Good Technical Practice; Laws and litigation

Comment from Dennis Guy, (5/18/2013, 7:41 AM)

If this guy worked for the feds, he'd be getting promoted instead of facing jail time!

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