The $25M Bounced Check

Deal NJ - Real estate mogul Solomon Dwek wrote a check for $25,212,076.35 and motored to a drive-up bank window in Eatontown. He handed the check to a teller to deposit in another account he controlled. The check was written on a closed account, the PNC Bank teller told Dwek at 2 p.m. April 24. But Dwek told bank employees he had talked to their corporate office a few minutes earlier to have the account reopened. A wire transfer to cover his millions was occurring that very moment, Dwek asserted. Reassured, the bank allowed Dwek, its customer of five years, to deposit the check. At 8:51 a.m. the next day, Dwek wired away $23 million to pay off loans, using the $25 million deposit. That's the way it happened, according to PNC.

Dwek is vice president in the Deal Yeshiva, it is a Jewish religious education school that provides religious education for more than 300 students. According to the 2004 federal tax report the nonprofit organization filed in November, Dwek is the highest-paid individual at the school, earning $212,000 that year. The next-highest-paid employee was Dwek's wife, Pearl, who received $106,000 as a secretary. The school, which has preschool through high school students and also offers postgraduate studies, reported $9.9 million in 2004 income.