Ex-lawmaker gets 8-year prison term in business fraud case

By The Associated Press

A former New Jersey lawmaker who stole more than $5.3 million from creditors for a business venture is now headed to prison.

 

TRENTON, N.J. (AP) — A former New Jersey lawmaker who stole more than $5.3 million from creditors for a business venture is now headed to prison.

Robert Schroeder received an eight-year sentence Monday. The 56-year-old Washington Township resident also must pay $5,318,150 in restitution.

The former Republican Assemblyman stole nearly $1.9 million from people who gave him loans for a North Dakota oil drilling project. He also wrote more than $3.4 million in bad checks to other creditors who loaned him money or provided goods and services to his companies.

Schroeder pleaded guilty last October to misconduct by a corporate official. He used the money for personal expenses and other debts.

He had served two terms in the Assembly from 2010 to 2014, representing a district that includes parts of Bergen and Passaic counties.

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