Queens mortgage broker charged in fraud

TRD New York /
Dec.December 10, 2009 12:23 PM
From left, 125-38 145th Street, 136-27 219th Street, and 1764 51st Street were all involved in the alleged fraud (Source: PropertyShark)
 

A Queens mortgage broker was accused of defrauding banks out of more than $23 million in home loans, the United States attorney for the Southern District said today in a statement.

David Ramnauth, 54, president of GuyAmerican Funding, allegedly facilitated a fraud scheme through a branch office in Jamaica, Queens, authorities said.

Eight other people, including company loan officers and recruiters of distressed sellers, were charged in the same scheme in October, federal authorities said.

The defendants arranged property sales between sellers and straw buyers who had no intention of living in the house — in instances flipping the homes multiple times — and obtaining home loans using fraudulent information, prosecutors said, at addresses including 125-38 145th Street, 136-27 219th Street, and 1764 51st Street.

Ramnauth surrendered today and is expected to appear in court on charges of conspiracy to commit bank and wire fraud, officials said. He faces up to 30 years in prison. TRD


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