Mortgage parasite & Bharrat Jagdeo crony Ed Ahmad pleads guilty
Guyanese Ed Ahmad pleads guilty to mortgage fraud in New York court
Written by Demerara Waves
Wednesday, 10 October 2012 13:59
New York-based Realtor, Ed Ahmad on Wedneday 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.