The Federal Election Commission fined Amboy Bank and its CEO George Scharpf in 2003 for campaign donation violations. George Scharpf and Amboy Bank had a very close relationship with former Governor McGreevey and former NJ State Senator John Lynch. Lynch was sent to jail for fraud along with Red Bank resident Jack Westlake. Here is an excerpt from the book The Jersey Sting related to Amboy Bank. John Lynch was a major supporter of former Red Bank Mayor Ed McKenna. Here is an excerpt from an article in the bayshore courier news from a few years ago. Also, a 2000 race for the Monmouth County Democratic chairmanship pitted Red Bank Mayor Ed McKenna against Scudiery. McKenna received $5,000 from the New Directions PAC for the ultimately unsuccessful attempt. Lynch’s PAC has continued to support McKenna’s role as a Democratic leader in Monmouth County, contributing $9,700 to the Red Bank Democratic Party and $2,500 to the Monmouth County Council of Democrat Leaders PAC, a committee McKenna is affiliated with, since 2002. Below is a link to a campaign donation list for John Lynch’s New Directions PAC from 2002. The list is very lengthy and includes an executive with Amboy Bank and the McKenna Law Firm.
new directions pac 2002
Is this possible Lynch connection more than a coincidence and could the idea of a Red Bank Transit Village come from Lynch. Ed McKenna has been supporting Amboy Bank to obtain higher than allowed density at the property located at Monmouth/West/Oakland Streets in Red Bank. Next week Amboy Bank goes before the zoning board to subdivide the affordable housing from the market units. Ed McKenna has a non-profit affordable housing corporation and is just finishing the cedar crossings project. The zoning was changed while Amboy Bank was in the process of foreclosing on the property formerly owned by George Coffenberg. Arguments by the borough engineer against the Coffenberg development was that it was too dense even though it followed the existing zoning laws. If they did not like 16 units per acre why would they change the zoning to 35 units per acre a year later? If you look at the original Coffenberg Courtyard approval process and compare what happened after Coffenberg gave the property back to Amboy Bank you will notice different treatments of the same property. Ed McKenna was appointed to the Red Bank Rivercenter at the same time that an approval by the zoning board was received to allow Amboy Bank to not follow the required special district zoning promoting street level retail from the train station to Broad Street. Amboy Bank also funded around $1 million in repairs to the 51 Monmouth Street Red Bank property which was the former Red Bank Police Station sold to Ed McKenna’s Kid’s Bridge charity for $1. Amboy Bank located at 36 Monmouth Street was listed as the address to make donations on behalf of the charity. The former police station building was transferred a year later to the Red Bank YMCA and now the Red Bank YMCA is selling the property to Red Bank Catholic for over $1 million. Interestingly enough is that George Scharpf CEO of Amboy Bank was in charge of the planned capital campaign to fund a new YMCA in Old Bridge which would be under the control of the Red Bank YMCA. Red Bank’s borough engineer, T & M of Middletown, was also the engineer for the YMCA project in Old Bridge. Even though Ed McKenna is no longer the Mayor of Red Bank he seems to have a lot of involvement in the way the town is run. Here he is celebrating last November’s election
After he wrote the last figures from the local districts on a running tally board, former Mayor Ed McKenna, who frequently taunts his opponents, jabbed his middle finger into the air. In a surprise move a week before the hearing to subdivide the affordable housing units from the market units, the Red Bank Council without the Mayor met in closed session to create a developers agreement for the affordable housing so that GS Realty which is part of Amboy bank can subdivide the land and obtain easier financing. It would seem a bank that owns all of the land would not need to subdivide the land nor find financing.