Embattled NJ Lawmaker Faces New Loan Default Suit

Law360, New York (September 5, 2012, 5:51 PM EDT) -- New Jersey Assemblyman Robert Schroeder has been hit with the latest in a string of bank lawsuits, this time from Atlantic Stewardship Bank alleging the lawmaker committed fraud by hiding millions of dollars in loans when he applied for a $2.5 million bank loan that he has since defaulted on.

The suit, filed in Bergen Superior Court on Aug. 30, comes on the heels of seven suits filed by Oritani Bank last week alleging the Bergen County politician defaulted on nearly $3.6 million in loans. And...
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