Ed Ahmad pleads guilty to mortgage fraud in NY. + other stories

Guyanese Businessman Ed Ahmad admits guilt and could face 10 years in prison – read Capitol News Report video

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Guyanese Ed Ahmad pleads guilty to mortgage fraud in New York court  – Also read other Ed Ahmad stories at the end

Demerara Waves October 10, 2012

Ed Ahmad

New York-based Realtor, Ed Ahmad on Wednesday, October 10, pleaded guilty to mortgage fraud and could face up to 13 years imprisonment.

Ahmad, who was indicted on a US$50 million mortgage fraud, handed in his guilty plea at 12:08 (New York time), less than one month after he entered a plea bargain.

Ahmad, a former member of the Guyana Police Force, plead guilty to count one of his indictment when he appeared before Judge Dora Irazarry.

The New York court would soon issue a schedule leading up to the sentencing.

US Attorney Alexander A. Solomon indicated that the prosecution would be seeking 121 to 151 months jail terms- the equivalent to about 10-12 years 7 months., a few short of 13 years. The financial penalties totalling US$42 million include US$14 million in restitution, US$28 million in criminal fine and a mandatory criminal forfeiture of US$500,000.

Defense Attorney, Steven R. Kartagener indicated that he would contest the actual amount of the monetary loss Ahmad is responsible for, a move that could possibly result in a reduction in the monetary penalties. The two sides are expected to argue and make written submissions between now and the date of sentencing.

The criminal fine and restitution are based on the government’s estimate of loss in the amount of US$14 million. The  criminal fine is twice the gross loss. Restitution is in addition to criminal fine. . Between now and sentencing the parties are expected to argue and make submissions on the actual amount of monetary loss

Ahmad, a close friend of former Guyana President Bharrat Jagdeo, was visibly nervous and spoke with a broken voice.

He plead guilty to count one of bank and wire fraud and said his attorney had no viable defence. The offence included conspiracy to defraud various lending institutions by doing false appraisals of the values of properties.

The offences were committed between January 1995 and January 2009.

In 2011, Ahmad was reportedly removed from a Guyanese-bound airplane on the tarmac at JFK airport by the FBI and was indicted in connection with a massive $50 million mortgage fraud scheme.

Ahmad’s financial dealings have been also caught up in New York’s politics. Ahmad made a $40,000 payment to Rep. Gregory Meeks (D-NY) in 2007 that the Congressman failed to disclose on his Financial Disclosure Reports for 2007, 2008, and 2009. Meeks subsequently claimed the $40,000 payment was a loan, but there were no note or payments until several years after the payment was made. Last year the Office of Congressional Ethics (OCE) asked the House Ethics Committee to investigate the matter.  The OCE reported that Rep. Meeks “refused to cooperate with the OCE’s investigation.

Other Ed Ahmad Stories:

Ed Ahmad building housing scheme, mall, at Leonora

Ed Ahmad building housing scheme, mall, at Leonora JUNE 26, 2012 | BY KNEWS |   NICIL sold land ‘strictly’ for wood processing New York-based Guyanese, Edul Ahmad, who is facing trial in a US$50 million mortgage-fraud scheme, is looking to build a posh housing scheme, mall and gas station at Leonora, West Coast Demerara. The housing development […]

Ed Ahmad’s Trial postponed to November 2012

Will Ed Ahmad’s Case Ever Get To Trial? News Americas, NEW YORK, NY, Fri. May 25, 2012: First May now November. That’s the new possible date set for the trial of Guyanese entrepreneur and real estate mogul, Edul ‘Ed’ Ahmad. Ahmad, 44, was set to face a trial on May 21 for participating in a […]

Ed Ahmad is accused of bringing immigrants’ ruin

Ed Ahmad is accused of bringing immigrants’ ruin Demerara Waves – January 9, 2012 NEW YORK TIMES- For years, a self-made real estate magnate named Edul Ahmad personified the collective dreams of Richmond Hill, Queens, which is populated by many immigrants from Guyana, in South America. Mr. Ahmad drove a yellow Lamborghini, sponsored a cricket team […]

FBI indicts President Jagdeo’s friend – Ed Ahmad

FBI indicts President Jagdeo’s friend- Ed Ahmad   Written by Demerara Waves Friday, 19 August 2011 17:04 A federal grand jury in Brooklyn has returned an indictment charging the defendant Edul Ahmad with participating in a mortgage fraud scheme in which he and others fraudulently obtained more than $50 million in loans, the Federal Bureau […]

Jagdeo defends purchases from Ahmad, tax-waivers

Written by Demerara Waves Sunday, 21 August 2011                                        President Bharrat Jagdeo President Bharrat Jagdeo’s office has defended sourcing 29 tons of building materials from his friend, New York realtor Ed Ahmad, who has been indicted by the Federal Bureau of Investigators for fraud. “It is widely known and established that Mr. Ahmad is a […]

Transaction was a private affair – Luncheon

Transaction was a private affair – Luncheon AUGUST 11, 2011 | BY KNEWS < read KN comments here Ed Ahmad’s shipment to State House… The shipment of 29 tons of building supplies to State House, by embattled United States-based Guyanese, Ed Ahmad Ed Ahmad, in 2009, is in all likelihood a private transaction, government spokesman Dr. […]

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Comments

  • Bibi H. Perrotte-Foston  On October 11, 2012 at 1:55 pm

    Lovely! Slimmy Eddoe Ed! Where are his friends? Can they help him. Perhaps he thought what he got away with in Guyana, he could get away with in NY because it is all Guyanese.

  • Cyril Balkaran  On October 12, 2012 at 7:09 am

    It is a sad twist of fate and destiny that one man who has recieved training as a member of the Guyanese Police force and one who should have upheld the law as a law enforcing officer has found himself in such a criminal conspiracy to defraud others with this real estate scam that has involved millions of $US dollars.
    He has befriended the men who mattered in Politics both at home amd in the USA and has now been caught, tried and will be sentenced by the long arms of the Law. His brilliance should have been put to greater use than the greed for material things. Oh how unfortunate can things get. Today the world laughs at you the criminal offender while you are alone in prison with no one to wipe the tears from your eyes. This event is widespread worldwide and will continue as lomg as GREED exists in the heart of all human beings. Of what use is it to gain material wealth and lose your Name and Character. Today his friend is a retired president and cannot help him. Another friend in the USA is refusing to tell the authorities where he got the gift of $US 40,000. from. Life continues and we will also continue to read more stories created by the Wise men of our times.

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