Oritani Bank Files Seven Suits Against Schroeder
The Washington Township bank alleges State Assemblyman Robert Schroeder failed to make payments on more than $3.5 million in loans.
The Washington Township-based Oritani Bank filed seven lawsuits against State Assemblyman Robert Schroeder Monday, alleging Schroeder owes more than $3.5 million on defaulted loans.
The bank loaned Schroeder's company, RS Consultants, $1.5 million in 2006 and also provided mortgages totalling another $1.2 million for four properties Schroeder owns, including two in Park Ridge and two in Westwood, according to the complaints.
Oritani gave a $640,000 loan in 2007 to All Points International, Schroeder's Hillsdale-based company. They also provided him with a $532,000 mortgage in 2010 for a property he owns in Hillsdale.
Schroeder failed to make payments due August 1, according to six of the complaints. Gary Redish, the attorney representing Oritani Bank, said Schroeder had been notified July 23 that he had a week to make up late payments.
Schroeder has been the target of many lawsuits from people who claim he owes them money since he was charged with writing almost $400,000 in bad checks to investors earlier this month. Officials from the attorney general's office said they were continuing their investigation.
Last week, Washington Township Council Vice President Joseph D'Urso filed a complaint alleging Schroeder owed him more than $330,000 in unpaid loans. D'Urso's complaint also alleged Schroeder had given him several bad checks.
Redish, Oritani's attorney, told Patch that Schroeder had been late with payments previously but had always caught up. The suit had been coming before state officials charged Schroeder, Redish said.
Michael Critchley, Schroeder's attorney, did not respond to requests for comment.