Saturday, February 12, 2005

Pornographer Charles Kusher: fined $12.5M

5 Comments:

At 5:39 PM, Blogger jewishwhistleblower said...

http://www.app.com/apps/pbcs.dll/article?AID=/20050211/NEWS03/502110336/1007
Builder fined $12.5M for bank buy
Kushner also faces prison for extortion, fraud
Published in the Asbury Park Press 02/11/05
By LILO H. STAINTON
GANNETT STATE BUREAU
TRENTON -- Multimillionaire real estate developer Charles Kushner, who faces two years in federal prison for extortion, tax fraud and other crimes, was ordered Thursday to pay at least $12.5 million in fines for violating federal laws when he bought NorCrown bank nearly a decade ago.

A joint enforcement action by the Federal Reserve and the Federal Deposit Insurance Corp. also banned Kushner from ever owning or participating in banking business in the future and requires him to sell Livingston-based NorCrown Bank by October 2005.

The agreement announced Thursday finalized negotiations between Kushner and federal regulators that began in August, shortly after Kushner pleaded guilty in U.S. District Court in Newark to 18 criminal charges.

Kushner, 50, is scheduled to be sentenced in early March for his efforts to thwart an ongoing federal probe into his campaign contributions. The developer admitted he hired a prostitute to seduce an associate — his brother-in-law — and sent photos of the sexual encounter to the associate's wife, Kushner's sister, to keep him from testifying.

Kushner also faces more than $1 million in fines related to those criminal charges.

As a nationally known philanthropist, Kushner gave millions to Jewish causes. Also, Kushner donated more than $5 million to New Jersey Democrats in the past decade and was former Gov. James E. McGreevey's top contributor.

President of Kushner Cos., a network of real estate companies worth over $3 billion, Kushner expanded into the banking business in 1996. But the federal government says that when he did, Kushner failed to properly disclose details on the NorCrown Trust, a holding company he established that controlled 99 percent of the bank.

Thursday's agreement says Kushner is the sole trustee of the NorCrown Trust. He left the bank itself and transferred day-to-day operations of the real estate company when he pleaded guilty in August.

The agreement announced Thursday fines NorCrown Trust $10.75 million for the disclosure discrepancies; the penalty could rise to $13 million if the bank is not sold within four months, with an additional $800,000 tacked on for each 30 days that elapses after six months. As an individual, Kushner faces a $1.75 million fine; this jumps to $3.2 million after five months and can increase $200,000 a month after six months.

"The FDIC rarely gets into six figure (fines), let alone seven or eight," said spokesman David Barr of the FDIC. "It's not a record-breaker, but it's big."

 
At 7:48 PM, Anonymous Anonymous said...

Kushner is a disgrace for all Jews.
I hope he rots in jail.

 
At 8:00 AM, Anonymous Anonymous said...

I don't understand the label of pornographer. Extortionist or blackmailer, maybe. Very confusing and misleading.

 
At 8:54 AM, Blogger MoChassid said...

2nd anonymous

don't waste your time. I havehad this discussion with jwb already. she can't resist calling him a pornographer. it's in her blood. I agree wityou that it's ridiculous and that JWB would have more crdibility if she could only resist overstating the case.
h

 
At 10:13 PM, Anonymous Anonymous said...

She? Do you know who JWB is?
Please reveal her identity; maybe that will help calm down her outrageous excesses.

 

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