NJ Political Kingmaker Norcross Indicted on Racketeering Charges

Democratic power broker and southern New Jersey insurance businessman George Norcross was indicted Monday in an alleged tax incentive development scheme.

Bloomberg
Published17 Jun 2024, 11:15 PM IST
NJ Political Kingmaker Norcross Indicted on Racketeering Charges
NJ Political Kingmaker Norcross Indicted on Racketeering Charges

(Bloomberg Law) -- Democratic power broker and southern New Jersey insurance businessman George Norcross was indicted Monday in an alleged tax incentive development scheme.

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 NFI Industries CEO Sidney Brown; Norcross’s brother, Philip Norcross—the managing shareholder and CEO at the Parker McCay law firm; former Camden Mayor Dana Redd (D); and William Tambussi, who is George Norcross’s attorney.

The case is New Jersey v. Norcross, N.J. Super. Ct., No. 24-06-00111-S, indictment unsealed 6/17/24.

To contact the reporters on this story: Alex Ebert in Madison, Wisconsin at aebert@bloombergindustry.com; Alex Clearfield in Washington at aclearfield@bloombergindustry.com

To contact the editor responsible for this story: Patrick L. Gregory at pgregory@bloombergindustry.com

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

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First Published:17 Jun 2024, 11:15 PM IST
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