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Palisades Park mayoral candidate Kiyoung Kim arrested on real estate scheme charges

July 29, 2014

(BERGEN COUNTY PROSECUTOR’S OFFICE PRESS RELEASE) – Bergen County Prosecutor John L. Molinelli announced the arrest of KIYOUNG KIM aka KENNETH KIM of 215A Roff Ave., Palisades Park, New Jersey, on charges of Money Laundering, Theft by Deception and Conspiracy to Commit Theft by Deception.

Kiyoung Kim aka Kenneth Kim (BERGEN COUNTY PROSECUTOR’S OFFICE PHOTO)

SHANGSU HAN of 1720 Baronet Pl., Fullerton, California, was also charged with Theft by Deception and Conspiracy to Commit Theft by Deception, but is currently at large.

Mr. KIM’s arrest and charges against Mr. HAN are the result of multi-year investigations conducted by members of the Bergen County Prosecutor’s Office (BCPO), White Collar Crimes Unit under the direction of Chief Carmen MARTINO, and members of the Federal Bureau of Investigation (FBI), Los Angeles Division, under the direction of Assistant Director in Charge Bill L. LEWIS. Members of the Fullerton (CA) Police Department, Crimes Property Unit, under the direction of Chief of Police Daniel HUGHES, are attempting to locate Mr. HAN.

In 2010 and 2011, the Los Angeles FBI and the BCPO White Collar Crimes Unit, respectively, received information from victims of a real estate investment scheme.

The victims, who are of Korean ethnicity, alleged that they had invested in excess of $500,000.00 dollars with Mr. KIM and Mr. HAN through their companies called E2WEST CORP. and KOUSA dba FAMILY CLUB, respectively. The victims claimed that they made the investments to purchase shares of a golf resort/condominium complex called “NEST HILL” in the southern island of Jeju in South Korea.

The victims had seen numerous advertisements in Korean newspapers and television commercials regarding multiple real estate investment opportunities overseas including South Korea and China, and had even attended investment seminars hosted locally by Mr. KIM and Mr. HAN.

The victims had signed contracts with Mr. KIM and Mr. HAN for their investments in NEST HILL. The victim investors have not received any return on their investments as per the contract.

The investigation revealed that although NEST HILL golf resort / condominium complex had existed at one time in the island of Jeju, neither Mr. KIM nor Mr. HAN had ever had any affiliation with the resort complex, nor did they have any contractual agreement to sell any portion of NEST HILL. Information obtained through the assistance of Interpol and South Korean police revealed that NEST HILL ceased its operations as a resort condominium in the fall of 2005 and subsequently changed its name to JEJU HILL RESORT in late 2008 under new management.

Mr. KIM was charged with one (1) count of Money Laundering, one (1) count of Theft by Deception and one (1) count of Conspiracy to Commit Theft by Deception. Mr. HAN was charged with one (1) count of Theft by Deception and one (1) count of Conspiracy to Commit Theft by Deception. The Honorable Jay Kim, J.M.C. set bail for Mr. KIM at $250,000.00 with no 10% option and for Mr. HAN at $100,000.00 with no 10% option. Mr. KIM has been remanded to the Bergen County Jail in lieu of bail. Mr. HAN’s whereabouts are currently unknown.

The investigation is continuing and persons with any information regarding NEST HILL, E2WEST CORP. and KOUSA dba FAMILY CLUB should contact the BCPO White Collar Crimes Unit at 201-226-5678.

Prosecutor Molinelli states that these charges are merely accusations and that the defendants are presumed innocent until and unless proven guilty beyond a reasonable doubt and would also like to thank the Los Angeles FBI and the Fullerton (CA) Police Department for their assistance in this investigation.

2 Comments

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Helen Kwon

August 2, 2017 at 6:45 AM

Their charges were dismissed on July 10, 2017. We, ‘The Friends of One Palisades Park’, hereby request Korea Times to put the following articles about Mr Kim and Mr Han. The name of attorney is Mr Ian Silvera. They are victims of Palisades Park’s dirty politics specially by the Democratic Party.

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