AV: Many of the financial constraints imposed against 60 percent of properties partially owned by area real estate investor Solomon Dwek have been lifted by a state Superior Court judge.? As a result, any of Dwek’s business partners that held at least half of the ownership in an assortment of commercial and residential properties will be allowed to pay mortgages, utilities, other expenses, and maintain the facilities now that state Superior Court Judge Alexander D. Lehrer has signed six separate court orders to turn over day-to-day operations to those parties or limited liability corporations (LLCs).

However, Lehrer’s orders, signed during a May 24 court hearing in Freehold, also mandate that any monies collected from rents, deposits, or other income by business partners or “managing members” of the LLCs must be turned over to Donald M. Lomurro, the court-appointed attorney serving as the fiscal agent in the matter.

Though the managing members are allowed to collect income, they are prohibited from taking those monies for themselves or from paying any money to Dwek, of Ocean Township, without prior court approval, the signed orders state.

Dwek, a well-known area investor and vice president of Deal Yeshiva Academy in West Long Branch, is facing charges of defrauding PNC Bank of more than $20 million and of attempting to defraud the same bank of a total of more than $50 million in late April.

At the request of PNC, Lehrer froze Dwek’s assets on May 3

Peter A. Forgash, PNC’s attorney, attended the May 24 hearing and witnessed Lehrer’s signing of the six court orders.

The Pittsburgh-based bank is hoping to recoup the $20 million that Dwek, 33, is accused of illegally obtaining from a closed account on April 24, Forgash said.

Management over the balance of Dwek’s extensive investment portfolio, will be addressed by Lehrer and Lomurro in another hearing, scheduled for next Thursday at 11:30 a.m. in Freehold.

That hearing, originally set for tomorrow at 11 a.m., was rescheduled due to a conflict with Shavuot, a Jewish holiday, Lehrer announced during last week’s hearing.

At the next hearing, Lehrer is expected to decide if the constraints placed on 129 properties claimed for ownership by Dwek’s uncle, Joseph Dwek, of Brooklyn, will be vacated.

In court papers filed last month, the elder Dwek stated that though he gave his nephew the money to buy those properties, valued at about $60.2 million, the younger Dwek failed to put them in his uncle’s name.

The constraints against another 10 properties owned by Dwek, his wife Pearl or other LLCs will addressed at a later date, Lomurro said after the May 24 hearing.

Neither Dwek nor his attorneys were present for last week’s court hearings. However, Lomurro publicly recognized their assistance in combing through the complex intricacies of the case.

“Mr. Dwek has met with me, and I have received complete disclosure from his attorneys and accountants,” Lomurro told Lehrer.

A Web site listing more than 350 properties owned solely by Dwek or as part of a LLC is posted on the New Jersey State Judiciary Web site.

Copies of Lehrer’s signed court orders are also shown on the site, which the judge ordered Lomurro to set up via a May 12 court order.

The daily operations and financial dealings of any properties owned by Dwek as a member of Capital Real Estate Management LLC will be turned over to that entity according to a copy of the signed court order.

Dwek, who has been a managing partner in Capital Real Estate, has been removed from having any say in the LLC’s dealings in accordance with Lehrer’s order.

Managing members named in four other separate court orders are Morris Levy of Ocean Sunset, LLC, Charles Mamiye, Dwek’s partner in 12 different LLCs, Robert November, a 50 percent owner of Eaton Holdings, LLC, and Eli Seruya, Dwek’s partner in four individual LLCs.

Many of the named properties owned by the various LLCs are in Ocean Township, Eatontown, West Long Branch and in Ocean County.

Noting that he has been fielded up to $30 million in offers from investors inquiring about buying pieces of Dwek’s empire, Lomurro asked Lehrer’s permission to bring in a real estate expert to testify to property’s true value.

While granting Lomurro’s request, Lehrer cautioned him against selling anything for less than its worth in the open market.

“There will be no fire sales,” Lehrer said.

All offers for properties must be presented in court first and will be done on a “case by case basis,” Lehrer said.

On May 19 Lehrer stripped Dwek from having any managerial duties such as writing checks, collecting rents or deposits, or otherwise participating in the financial matters regarding his properties.

Dwek was arrested on May 11 by FBI agents on the bank fraud charges filed by PNC. He remains free on a $10 million bond secured by using the equity in the Ocean Township homes of his mother-in-law and sister-in-law.