New Book Details Solomon Dwek Arrest, Aftermath

The Jersey Sting is one of the books that New Jersey residents, and especially those living in the shore area, will want to look for the next time they visit the bookstore.

The book, released on March 15, was written by Ted Sherman and Josh Margolin and details Solomon Dwek's ponzi scheme and how his cooperation with the FBI led to the arrests of several politicians and others who helped him unfurl his plan. 

Rabbi Eli Ben Haim, of nearby Deal, helped Dwek, of Ocean Township, launder money and introduced him to other money launderers. Joseph Kohen, a former mortgage broker from Long Branch, was recently sentenced to 30 months in federal prison for his role in Dwek's attempt to defraud PNC Bank. 

Margolin, a former Star Ledger reporter and current New York Post reporter, said these locals and others became part of one of the largest federal sting operations in history.

"Dwek built a real estate empire that largely constructed on top of a ponzi scheme," Margolin said. "He was not selling the amount he would need to cover his investment returns."

Dwek eventually committed a $50 million bank fraud, plead guilty to one count of bank fraud and money laundering in 2009 and is scheduled to be sentenced in May.

Dwek agreed to wear wire and help the FBI catch the other players in his scheme, and their arrests are where the book begins. 

"It starts with the 44 arrests in July (of 2009) and then snaps you back and brings you up to the arrests and fallout and repercussions," Margolin said.

Margolin and Sherman, the chief investigative reporter at the Star Ledger, helped break  the story of the arrests in 2009 and were later contacted by an agent from California who asked them if they were interested in writing a book.

"We covered the case together at the same time, so (writing a book) was a natural part of the continuum," Margolin said. "The publisher wanted it put together quickly, so we made good use of the two of us working together. We had an existing working relationship so it was a natural extension of what we had done for a number of years." 

Margolin said the story of Dwek is fascinating and that the book delves into not only his life, but the other main players in the investigation. He said he people are fascinated by Dwek's story and that he and Sherman tried to tell it in the best way possible.

"Dwek is a controversial and divisive person," Margolin said. "We tried to give an accurate picture of a deeply-flawed person."

He said the book has been "very well received and has had only glowing reviews."

"For someone to give their limited, free time to read our book is very gratifying and flattering," Margolin said. 

He said the book is on sale at Barnes & Noble and other bookstores, and that he and Sherman are currently promoting it. They will be doing book signings at Barnes & Noble stores in Princeton on March 22 at 7 p.m., Cherry Hill on March 23 at 7 p.m. and Springfield on March 24 at 7 p.m.

For more information about the book, visit www.thejerseysting.com or search The Jersey Sting on Facebook.