Ahmad, 44, was set to face a trial on May 21 for participating in a mortgage fraud scheme in which he and others fraudulently obtained more than $50 million in loans. Now it looks like he may have to wait until after Nov. 5th.
The self-made real estate magnate, who drove a yellow Lamborghini, hosted many events at his banquet hall and advertised prominently in Richmond Hill and South Ozone Park is charged with charged with one count of conspiracy to commit bank and wire fraud and 10 counts of bank fraud. At a status hearing this week, Judge Dora Lizette Irizarry ruled that defense motion(s) must now be filed by June 29, 2012 with the federal government having until July 13, 2012 to respond.
Oral argument is set for September 21, 2012 at 10 a.m. before Judge Irizarry and jury selection is set for November 5, 2012 at 9:30 a.m.
Trial will begin immediately following jury selection, which the government estimates will take one week. That is, if Ahmad makes it to trial. Ahmad has so far pleaded not guilty and posted $2.5 million in bail in July last year. Reports are that he is seeking a plea deal.
A federal indictment says alleges the Ahmad conspired to defraud financial institutions, including Bank of New York, JP Morgan Chase, Citibank, N.A., Countrywide Financial, Flushing Savings Bank, Fremont Investment and Loan, HSBC Bank USA, N.A., IndyMac Bank, One West Bank, U.S. Bank, and Wells Fargo & Company, and wholesale mortgage lenders, including New Century Mortgage Corporation and Ocwen Financial Corporation.
As detailed in the indictment, from 1995 to 2009, Ahmad was a licensed real estate broker in the state of New York and also acted as a loan officer. As part of the alleged scheme, the defendant submitted false loan applications and supporting documents to make borrowers of mortgage loans appear to be more creditworthy than they actually were. The defendant did that in order to profit from real estate commissions and loan fees generated by the transactions. Additionally, at the closings, Ahmad prepared and submitted documents that falsely misrepresented whether the borrowers actually made any payments to the sellers and understated the amounts of Ahmad’s real estate commissions and loan fees. In doing so, Ahmad prevented the financial institutions from discovering that his fees exceeded those permitted by the institutions. Many of the homes involved were ultimately lost in foreclosures because the borrowers could not afford to make their mortgage payments.
“Mortgage loans allow millions of Americans to turn the dream of home ownership into reality,” stated United States Attorney Lynch. “The system must be based on the accuracy of its information and the integrity of its members. The defendant allegedly brought neither to the table, abusing the trust of the financial institutions who relied upon him. We will vigorously prosecute licensed professionals who abuse their positions and harm our communities by undermining financial and real estate markets through mortgage fraud.”
If convicted, the former Guyana-born cop faces a maximum term of imprisonment of 30 years. The indictment also seeks forfeiture of the proceeds of the defendant’s bank and wire fraud activity, including a criminal forfeiture money judgment and money traceable to the offenses of conviction.
