TRENTON, N.J. — Commercial assets belonging to a New Jersey lawmaker who is facing fraud charges have been auctioned off.
The Record reports six Bergen County commercial properties once owned by Robert Schroeder have netted more than $100,000 to be administered by the bankruptcy trustee investigating his finances.
The former assemblyman's properties were appraised at $3,745,000 and sold in U.S. Bankruptcy Court for $4.14 million.
The Bergen County Republican runs All Points International Distributors, a company that sells tents and huts to the U.S. military.
Most of the auction proceeds go to his largest secured creditor, the 100 Mile Fund.
Schroeder pleaded not guilty last March to charges he stole more than $1.8 million from individuals who loaned him money and wrote more than $3.4 million in bad checks to creditors.