FREEHOLD — A Tinton Falls man was arrested on Aug. 26 and charged with five counts of first-degree armed robbery.
The charges against Richard Demott Jr., 56, stem from five bank robberies that were allegedly committed in Monmouth County between May 27 and Aug. 19, according to the Monmouth County Prosecutor’s Office.
The bank robberies were the subject of a cooperative investigation conducted by the Prosecutor’s Office and the FBI with the assistance of the Shrewsbury, West Long Branch, Tinton Falls, Red Bank and Bradley Beach police departments. The Neptune Township Police Department assisted detectives from the Prosecutor’s Office in effecting Demott’s arrest, according to a press release from the Prosecutor’s Office.
The locations of the banks that Demott has been charged with robbing, and the dates and times of the robberies, are:
• Sun National Bank at 541 Sycamore Ave. in Shrewsbury on Tuesday, May 27, at approximately 9:40 a.m.;
• Hudson City Savings Bank at 1 Paddock Plaza, Routes 36 and 71 in West Long Branch on Saturday, June 7, at approximately 9:57 a.m.;
• Two River Community Bank at 656 Shrewsbury Ave. in Tinton Falls on Monday, June 23, at approximately 3:28 p.m.;
• Two River Community Bank on 100 Water St., Red Bank, on Friday, Aug. 15, at approximately 3:06 p.m.; and
• Central Jersey Bank at 501 Main St. in Bradley Beach, on Tuesday, Aug. 19, at approximately 10:37 a.m.
Demott is being held at the Monmouth County Correctional Institution, Freehold Township, in lieu of $1 million bail, which was set by Monmouth County Superior Court Judge Ira E. Kreizman. His initial appearance has been scheduled for Aug. 28.
“This case represents another fine example of the value of cooperation among police agencies,” Monmouth County Prosecutor Luis A. Valentin stated in the release. “In this instance, local, county and federal law enforcement officials worked in a true cooperative fashion to apprehend an individual who robbed five banks in five different Monmouth County municipalities. Joint efforts such as this will help keep our communities safe.”
Valentin further indicated that investigations into these and other recent bank robberies are continuing. He urged members of the public with information regarding these or other bank robberies to contact Lt. Keith Coleman of the Prosecutor’s Office at 800- 533-7443 and/or the FBI at 732-741-0006.
Demott is charged with five counts of armed robbery, a first-degree crime. If convicted of one count of armed robbery, Demott faces a maximum potential custodial sentence of up to 20 years. Any custodial sentence imposed for the crime of armed robbery would be subject to the No Early Release Act, which would require that Demott serve 85 percent of the sentence imposed before he would become eligible for release on parole.