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Local Man Sentenced to 18 Months in Prison for Short Sale Fraud Scheme
A Bergen County man has been sentenced to 18 months in prison for his role in a multi-year scheme to defraud financial institutions and others in a short sale fraud scheme. Steve Young Kang, 66, of Ridgefield, New Jersey, previously pleaded guilty to one count of bank fraud and one count of wire fraud.
According to documents filed in the case and statements made in court, Kang and others fraudulently induced mortgage lenders to participate in short sale transactions from June 2013 to January 2017. The scheme involved Kang selling his own properties and recruiting others to sell properties in fraudulent short sales to a co-schemer, Mehdi Kassai. Kang, as a listing broker, also prevented legitimate and higher offers from being made by artificially limiting the ability of others to bid on and buy properties.
Kang defrauded financial institutions and others of at least $2.7 million. In addition to the prison term, Judge Martini sentenced Kang to three years of supervised release and ordered him to forfeit $835,248 in proceeds of the scheme.
The government credited special agents of the Federal Housing Finance Agency, Office of Inspector General, and the Bergen County Prosecutor’s Office with the investigation leading to today’s sentencing. Special Assistant U.S. Attorneys Charlie L. Divine and Kevin V. Di Gregory represented the government in the case.
Steve Young Kang, 66, was sentenced on March 5, 2024 in Newark federal court to 18 months in prison for his role in a short sale fraud scheme. The scheme involved Kang and others defrauding financial institutions of at least $2.7 million. Kang was also ordered to forfeit $835,248 in proceeds of the scheme.
Kang was charged with one count of bank fraud and one count of wire fraud. He previously pleaded guilty to the charges before U.S. District Judge William J. Martini.
Key Facts
- State: New Jersey
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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