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Mehdi Kassai

Police & Fire
Bergen Broker Gets 18 Months In Fed Pen For 'Short Sale' Scam Bergen Broker Gets 18 Months In Fed Pen For 'Short Sale' Scam
Bergen Broker Gets 18 Months In Fed Pen For 'Short Sale' Scam A Bergen County real estate broker was sentenced to a year and a half in federal prison for his role in a $4.6 million “short-sale” scheme. Steve Young Kang, 66, of Ridgefield, and others sold properties to an accomplice, Mehdi Kassai, for substantially less than they were worth, Acting Principal Assistant U.S. Attorney and Executive Assistant U.S. Attorney Rahul Agarwal said. The conspirators used false documents, straw buyers and cosmetic property damage, while also restricting the ability of others to bid on and buy those properties, Agarwal said. Kassai then “sold many of those propert…

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by Jerry DeMarco
Police & Fire
Bergen Brokers Admit $4.6M 'Short Sale' Scam Bergen Brokers Admit $4.6M 'Short Sale' Scam
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…

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by Jerry DeMarco
Police & Fire
Short-Sale Scheme: Hawthorne Scammer Admits Conning Lenders Out Of More Than $6M Short-Sale Scheme: Hawthorne Scammer Admits Conning Lenders Out Of More Than $6M
Short-Sale Scheme: Hawthorne Scammer Admits Conning Lenders Out Of More Than $6M A Hawthorne con artist admitted his role Tuesday in defrauding financial institutions and others of more than $6 million. Mehdi “Mike” Kassai, 36, was part of a group of thieves who convinced mortgage lenders to participate in short-sale deals – which allow homeowners in trouble to sell for less than they owe on their mortgages, U.S. Attorney Craig Carpenito said. Kassai told a federal judge in Newark on Tuesday that he used bogus documents and buyers, damaged properties to lower their apparent value and “restricted the ability of others to bid and buy those properties,” Carpenito said. “T…

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by Jerry DeMarco