Guyanese Mortgage Fraud Head Gets 30 Months For Multi Million Dollar Scheme in NY
A third defendant in a Guyanese run ring of mortgage fraudsters was sentenced in Federal court in Manhattan yesterday.
The former president of the Queens Mortgage brokerage GuyAmerican Funding Corp. (“GuyAmerican”), DAVID RAMNAUTH, was sentenced to 30 months in prison for his role in the massive mortgage fraud scheme in which over $23 million in fraudulent loans were processed in connection with over 44 properties in the New York metropolitan area.
RAMNAUTH pled guilty to his role in the mortgage fraud scheme in August last year.
The Manhattan U.S. Attorney who prosecuted the case said that corrupt gatekeepers like Ramnauth who perpetrated these schemes will be punished for their crimes.
Co defendants Elton LORD and GEORGE ESSO were sentenced recently.
According to court documents RAMNAUTH received hundreds of thousands of dollars in commissions from the federally insured financial institutions that were deceived by the fraudulent scheme. RAMNAUTH was one of eleven defendants charged in connection with the fraudulent scheme that was run through GuyAmerican.
Defendants, PEGGY PERSAUD, ORETTE KILLIKELLY, TARAMATEE SINGH, CHEDDI GOBERDHAN, RAJNARINE SINGH and Ravi Persaud are awaiting sentencing. Rafi Baskh and Mahamood Hussain are the other two defendants.
Capitol News understands that although the Guyanese were charged and convicted several attempts have and are being made to launder some of the funds through Guyana.
The mortgage scheme stripped home owners of the equity in their properties and the defendants pocketed thousands of dollars from the fraud that was perpetrated in the large Guyanese community in Richmond Hill Queens and other parts of the Metro-tri state area.