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Short-sale Scheme

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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