Business & Tech

Equity Fund Buys Assemblyman Schroeder's Debt From Oritani Bank

The Washington Township-based bank had filed seven lawsuits against Assemblyman Robert Schroeder over unpaid loans.

The Washington Township-based Oritani Bank has sold the debt owed to it by Assemblyman Robert Schroeder to a private equity fund.

The bank filed seven lawsuits against Schroeder last year for unpaid mortgages on several propeties, with the alleged debt totaling more than $3.5 million.

Procida Funding, of Englewood Cliffs, purchased the debt for it's "100 Mile Fund," CEO William Procida confirmed. Neither Procida nor his attorney in the case, Gary Redish, would confirm the amount paid for the debt.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

Redish, who had previously represented Oritani in the seven lawsuits, said they had already received judgments on three of the foreclosures. 

Procida said that Schroeder's other legal and financial troubles were not an influence on the decision to purchase the debt, calling the transaction with Oritani "nothing special."

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

"We do this all the time," Procida said.

For Schroeder, the change will make little difference. Courts have found he owes millions of dollars to multiple creditors. 

He is also facing charges that he allegedly stole $1.8 million from investors and wrote bad checks totaling $3.4 million for loan payments. Schroeder could not immediately be reached for comment.

Have a question or news tip? Contact editor Jim Leggate at Jim.Leggate@patch.com, or find us on Facebook and Twitter. For news straight to your inbox, sign up for our daily newsletter.


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here