MONMOUTH COUNTY — A New Jersey developer has admitted he embezzled funds from investors in commercial real estate projects. Sixty-year-old Allen Weiss of Marlboro pleaded guilty today in U.S. District Court in Trenton to conspiracy to commit wire fraud. Prosecutors say he and others embezzled nearly $1 million in investment funds that were supposed to be used to develop commercial...
MONMOUTH COUNTY — A New Jersey developer has admitted he embezzled funds from investors in commercial real estate projects.
Sixty-year-old Allen Weiss of Marlboro pleaded guilty today in U.S. District Court in Trenton to conspiracy to commit wire fraud.
Prosecutors say he and others embezzled nearly $1 million in investment funds that were supposed to be used to develop commercial real estate projects in Holmdel, Hazlet and Neptune.
Weiss faces a maximum possible penalty of 20 years in prison and a $250,000 fine, although the actual sentence is likely to be much less under federal sentencing guidelines.