A Palisades Parkman confessed that he had been involved in identity fraud and bank fraud. An identity-theft ring was run by the accused. He peddled social security cards to a large number of Korean clients. They used the fake IDs to steal millions of dollars through credit cards and fraudulent bank loans.
The 45 year old Sang-Hyun confessed that he had been involved in a large number of fraudulent practices. The organization run by Sang-Hyun, fraudulently obtained social security numbers and made fake IDs. The organization ripped-off financial institutions and retailers with the unlawfully produced identification documents. Millions of dollars were sent to oversees clients. According to Paul J. Fishman, a U.S Attorney, the dismantling of this particular ring is a key step in fighting the growing issue of international organized crime.
Michael B. Ward – Park’s Illegal Activities Resulted in Big Losses for US Economy
The head of the Newark Division of the FBI, Michael B. Ward stated that the criminal enterprise run by Park carried out a number of frauds. These resulted in wide-scale losses in the US economy. The organization was involved in the fast building of credit histories and opening credit accounts with banks. According to Michael B, Sang-Hyun did not carry out the operations on its own. He was assisted by people who had been involved in such deceitful businesses for long.
Sang-Hyun Park Pleaded Guilty to 5 Felony Counts
Park pleaded guilty to 5 felony counts. He was accused of being involved in conspiracy to produce fake identification documents, conspiracy to commit bank fraud and wire fraud which affected financial institutions significantly. He has also been accused of money laundering and conspiring against the Internal Revenue Service. Park has been sentenced to 12 years of rigorous imprisonment.
To discuss white collar crimes like this, get a consultation with San Francisco criminal lawyer, Christopher Morales.