Queens mortgage broker gets prison time

The former president of Queens’ GuyAmerican Funding, a mortgage brokerage based in Jamaica, has been sentenced to 30 months in prison for his part in a $23 million fraudulent loan scheme carried out through his company, U.S. Attorney Preet Bharara announced yesterday. David Ramnauth pleaded guilty in August to one count of conspiring to commit bank and wire fraud for allowing his loan officers to use his brokerage license to submit fake loan applications for more than 44 New York-area properties. Ramnauth also allegedly received hundreds of thousands of dollars worth of commissions from the lenders he and his loan officers duped and was one of 11 defendants charged in the scheme. After his prison term is up, he will be on “supervised release” for three years, U.S. District Judge Shira Scheindlin ordered. TRD

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