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2012 Archives
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New Jersey Ring leader of $4 million identity theft ring admits he
ran scam that ripped off millions from banks and retailers and
laundered a portion of millions in profit overseas.
Sang-Hyun "Jimmy" Park, 45, confessed to U.S. Magistrate Judge Patty
Shwartz in Newark that he directed an array of sophisticated frauds
out of Bergen County storefronts and advertised his illegal services
in Korean-language newspapers. Michael B. Ward, the head of FBI’s
Newark Division, said Park’s criminal enterprise "advertised,
facilitated and supported a multitude of frauds resulting in
staggering economic losses." The crimes, which included quickly
building up credit histories and then opening bank and credit
accounts to cash in, was carried out with "the assistance of
collusive merchants and others steeped in white-collar crime," Ward
said. Park and Yu were among 54 people arrested in September 2010 in
connection with the Palisades Park-based fraud ring, which was
uncovered after a May 2008 triple murder in Tenafly. About half of
the defendants have pleaded guilty to fraud charges and several have
been sentenced to terms of four to five years in prison.
(Source
northjersey.com)
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