By RENEE WINKLER
Courier-Post Staff
A former Swedesboro resident pleaded guilty Friday in U.S. District Court to charges of bank fraud and money laundering, admitting he defrauded Commerce Bank of at least $550,000 in 2001 and 2002.
Leon Foreman, 38, who used at least 11 aliases, told U.S. District Judge Robert Kugler he used another individual's Social Security number to set up a checking account in July 2001. He supported his request for loans with phony tax returns from 1999 and 2000.
Proceeds of the loans were wired from Mount Laurel to Pennsylvania.
He then used that account to obtain three property loans and one personal loan, and later defaulted on the loans.
Shortly after the account was cleaned out, Foreman learned of an ongoing criminal investigation and fled to the Dominican Republic.
Assistant U.S. Attorney Allen Harberg said Foreman described himself to bank officials as a real estate developer and renovation specialist.
Kugler denied a request from defense attorney Jeffrey Zucker to release Foreman on bail until he is sentenced on April 26. Kugler said the decision to continue detention is based in part on Foreman's failure to appear for sentencing in other jurisdictions.
The plea agreement between Harberg and Zucker does not recommend a specific prison term.
Foreman could be sentenced to up to 20 years for the wire fraud and another 10 years for money laundering.
http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20070107/NEWS01/701070355/1006&template=printart
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