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Broker Gets Prison for $4.6M 'Short Sale' Mortgage Scam

A 66-year-old New Jersey real estate broker has been sentenced to 18 months in prison for participating in a $4.6 million “short-sale” mortgage scam, according to officials. So reports the local Daily Voice.

handcuffs 1078871 640smallSteve Young Kang of Ridgefield previously pleaded guilty to one count of bank fraud and one count of wire fraud.

Kang and others convinced financial institutions to allow distressed homeowners to sell properties for less than they were worth, and then an accomplice sold the properties to third parties “for a substantial profit,” said Acting Principal Assistant U.S. Attorney and Executive Assistant U.S. Attorney Rahul Agarwal.

Read the full article from the Daily Voice.

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