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UPDATED: Jan 3, 2013

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A New Jersey Assemblyman has been indicted for stealing $1.8 million from individual lenders who gave him personal loans. He is also facing charges for writing bad checks worth $3.4 million to creditors.

According to a press release from the Office of New Jersey Attorney General Jeffrey S. Chiesa, Assemblyman Robert Schroeder wrote bad personal loans to creditors and service providers.

The indictment includes the charges of issuing bad checks, theft by deception and misconduct by a corporate official. Each of these charges can carry a prison sentence of between five to 10 years along with a fine of up to $150,000. The investigation into Assemblyman Schroeder’s dealings was conducted by the New Jersey State Police Official Corruption Bureau along with the Division of Criminal Justice Corruption Bureau.

“We allege that as the financial house of cards he built collapsed, Schroeder lied and stole in an attempt to prop it up, defrauding creditors of in excess of $5 million, between his theft of loan funds and passing of bad checks. This indictment, which would carry a substantial prison sentence upon conviction, demonstrates that nobody is above the law,” said Attorney General Chiesa in the press release.

Schroeder allegedly wrote bad checks once he fell behind on loan payments between October 2009 and August 2012. He wrote at least 47 bad checks that totaled $3,431,150. They were given to 12 individuals that had lent him personal loans for his various businesses.

On Aug. 3, 2012, detectives executed a search warrant of Schroeder’s home and the headquarters for two of his businesses. All of his companies have been charged in the indictment.

While Schroeder is still an Assemblyman, he is not longer Deputy Republican Whip of the New Jersey General Assembly.

According to a loans.org interview with Peter Aseltine, spokesman for the New Jersey Office of the Attorney General, Schroeder personally solicited loans for business ventures. He convinced individual lenders that they would receive profitable rewards on their personal loans. The individual personal loan lenders have also filed civil suits against Schroeder.

“A date has not yet been set for arraignment,” said Aseltine. “At this point there has been no bail set for him.”