Crime: 2 Bergen Men Admit Roles In Real Estate Scheme - - PressFrom - US
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Crime2 Bergen Men Admit Roles In Real Estate Scheme

23:55  31 may  2019
23:55  31 may  2019 Source:   patch.com

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2 Bergen Men Admit Roles In Real Estate Scheme© Provided by Planck, LLC, d/b/a Patch Media

Two Bergen County men admitted their roles in a real estate scheme that defrauded people out of $4.6 million.

Steve Young Kang, 64, of Ridgefield, and Young Jin Son, 49, of Norwood each pleaded guilty in Newark federal court Thursday to bank fraud and wire fraud, said U.S. Attorney Craig Carpenito.

Kang, a real estate broker and agent admitted that from June 2013 to January 2017 he sold his properties in short sales and recruited others to do the same. The properties were sold to Mehdi Kassai, a co-schemer, Carpenito said.

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Son admitted recruiting others to sell properties in short sales to Kassai, Carpentio said.

The properties were purchased for substantially less that what they were actually worth. Kassai then sold the properties to other people for a "substantial profit," Carpenito said.

Kang defrauded people out of about $2.7 million and Son about $1.9 million, Carpenito said.

Kang and Son each face a maximum penalty of 30 years in prison and a $2 million fine. They agreed to forfeit proceeds gained from the scheme.

Sentencing is scheduled for Oct. 1. Kassai previously pleaded guilty to his role in the scheme and is awaiting sentencing.

Email: daniel.hubbard@patch.com

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