TRENTON – Pointing out that cash from the family business helped buy Supreme Court nominee Phil Kwon’s house, Sens. Nicholas Scutari and Loretta Weinberg pressed Kwon in his Judiciary hearing about the pattern of cash deposits that has been the subject of much of today’s questioning.
Stating that Kwon’s mother made daily deposits of just under $10,000, a practice sometimes called ‘structuring,’ Scutari asked how this could go on day after day “without someone advising her that the reporting requirement is triggered at $10,000?”
Kwon responded, as he has several times today, that no one, not even the bank, informed his mother of the problem. Kwon said that once he learned of the practice, he informed her it could look bad and needed to be dealt with.
Weinberg and Scutari pointed out that Kwon bought his house using a $1 million down payment from the sale of his parents’ home.
In response to questions from Republican Sen. Kevin O’Toole, Kwon said that he was not the attorney for the business.