Assemblyman Schroeder Sued by Albany Company Over Loan

A recent lawsuit filed against Robert Schroeder alleges the state assemblyman failed to pay back a $100,000 loan last year.

According to the complaint filed March 15, Dolpack, LLC of Albany, N.Y. loaned Schroeder $100,000 in June 2012 with an agreement that he would pay back $120,000 July 23 that year.

On July 27, the parties agreed to extend the maturity date of the loan to August 28, when $135,000 would be due, instead, according to the complaint.

Schroeder was just days later on August 3.

The company alleged Schroeder failed to inform them he and his companies were "deeply indebted to several creditors, were defendants in several pending litigations, and were not going to be able to fulfill their payment obligations" in their complaint.

Dolpack claimed in the complaint that they deposited a check from Schroeder August 31, only to have it returned due to insufficient funds.

"Had Plaintiff known the truth about the misrepresentations and omissions, Plaintiff would not have entered into the transaction with the Defendant," Dolpack wrote in their complaint.

The company alleged Schroeder commited breach of contract, fraud and other offenses in their complaint.

Schroeder and the attorney for Dolpack could not immediately be reached.

Schroeder has been the taget of numerous lawsuits over the past year. Judgments against him totaled more than $13 million as of late January.

In another recent suit, Provident Bank filed for an interpleader to determine from a Dubai-based company.

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