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Bergen Brokers Admit $4.6M 'Short Sale' Scam
Two Bergen County real estate brokers – one from Ridgefield, the other from Norwood – admitted their roles in a $4.6 million “short-sale” scheme.
Steve Young Kang, 64, of Ridgefield, and Young Jin Son, 49, of Norwood, New Jersey, told a federal judge in Newark on Thursday that they recruited others to participate in the bank and wire fraud conspiracies.
Kang sold his own properties and recruited others to sell properties to a co-schemer, Mehdi Kassai, for substantially less than they were worth by using false documents, straw buyers and cosmetic property damage, as well as restricting the a…
