Ex-N.J. assemblyman pleads guilty to $5.3M fraud scheme

Former Republican Assemblyman Robert Schroeder has pleaded guilty to charges he stole nearly $1.9 million from people who loaned him money and wrote more than $3.4 million in bad checks to other creditors.

Schroeder entered his plea Friday in Somerset County Superior Court, just days before his trial was set to begin.

He pleaded guilty to a charge of second-degree misconduct by a corporate official.

He also entered a guilty plea to issuing bad checks on behalf of his four companies: All Points International Distributors, Inc., Hercules Global Logistics, LLC, RS Consultants, LLC and RGS Bergen, LLC.

The theft by deception charge will be dismissed as part of the plea deal, but his attorney, John Whipple, said the misconduct charge encompasses all the counts in the indictment.

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