NJ Political Kingmaker Norcross Indicted on Racketeering Charges [BNN Bloomberg (Canada)]
SUBARU CORPORATION U/ADR (FUJHY)
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Source: BNN Bloomberg
Norcross, the brother of US Rep. Donald Norcross (D), used his position of influence in Camden, NJ to run a conspiracy to pressure, extort, and steer incentives towards certain individuals and business entities on the Camden waterfront, the state alleges. The conspiracy helped gather the rights to tax credits in an entity owned by Norcross and his associates—tax credits totaling over $240 million, the state said. The 13-count racketeering conspiracy indictment alleges roughly a decade of extortion, criminal coercion, and official misconduct wrapped up into the enterprise with Norcross at the head. Norcross has played a prominent role in bringing real estate development, both residential and commercial, to the city of Camden, through hundreds of millions of dollars in tax incentives. Among the companies with a presence in the city are NFI, nuclear plant manufacturer Holtec International, Campbell's Soup, Subaru of America, and the NBA's Philadelphia 76ers. Also indicted are NF
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