HUDSON COUNTY — After spending approximately seven years in federal prison for bank fraud, Rene Abreu, a former political fundraiser and former Hudson County-based real estate and mortgage lending mogul, was transferred approximately two weeks ago to a detention facility within the New York Community Corrections Management system. His projected release date from the center is Feb. 22 of 2012, according to the Federal Bureau of Prisons.
Abreu, a Cuban immigrant, was a Fort Lee resident and self-made millionaire who owned several local businesses, including Abreu Real Estate, the Mortgage Pros, Inc. and RLA Homes on Bergenline Avenue in Guttenberg.
Abreu was also a top fundraiser for current U.S. Rep. Albio Sires, the former state senator and former mayor of West New York. According to the 2010 book “The Jersey Sting,” federal prosecutors “didn’t really want [Abreu]. They had told Abreu repeatedly that they had a Get Out of Jail Free card waiting for him if he would roll over on Sires. Abreu wouldn’t.”
In August of 2004, U.S. District Judge Joseph Greenaway sentenced Abreu to 7.25 years in prison–the maximum allowed–for real estate schemes involving his companies and bank fraud. He was convicted on 21 out of a 28 count indictment, including conspiracy to commit mail fraud, conspiracy to defraud Hudson United Band by engaging in a fraudulent check-kiting scheme, and conspiracy to structure currency transactions.
In addition to serving time, Abreu was ordered to pay $200,000 in fines and $499,000 in restitution. – Gennarose Pope