News Americas, NEW YORK, NY, Mon. April 8, 2013: A prominent Guyana-born attorney has been charged with his sister and a former Wells Fargo bank officer, with mortgage fraud.
Guyana-born, New York-based Attorney Michael Gangadeen, 47, of 332 North Village Avenue in Rockville Center, New York was charged on April 8, 2013 along with his sister Savitri (a.k.a. Savi) Gangadeen, 49, of 48 Willis Avenue in Floral Park, New York, and former Wells Fargo loan officer/mortgage consultant, Paul Constante, 38, of 41 Ellison Avenue in Westbury, New York.
The three have been charged with charged with first-degree grand larceny, first-degree criminal possession of stolen property, first-degree falsifying business records, fourth-degree criminal facilitation, first degree scheme to defraud and fourth-degree conspiracy.
The defendants Constante and Savitri Gangadeen are presently awaiting arraignment in Queens Criminal Court, and an arrest warrant has been issued for defendant Michael Gangadeen.
The three are accused of conspiring to commit mortgage fraud and larceny from Wells Fargo Bank by fraudulently obtaining mortgage funds in excess of $3.3 million pertaining to the purchase of six properties – including four in Queens – during a six-month period in 2008.
If convicted, they each face up to 25 years in prison.
Queens District Attorney Richard A. Brown was joined by New York State Department of Financial Services Superintendent Benjamin M. Lawsky, in announcing the charges.
“This complicated and devious scheme allegedly involved defendants who were so greedy that they pushed through more than $3.3 million in fraudulent mortgage loan transactions in just over six months by falsely inflating the income and assets of the borrowers,” said DA Brown. “Their alleged actions resulted in all six properties going into default and forcing the bank to initiate foreclosure proceedings against the borrowers. Some of the properties were sold in short sales for up to one-third less than the sales prices that were paid to acquire the properties in the transactions involved in this case.”
“As alleged, the defendants not only stole money out of these mortgages, but even worse they left their victims out in the cold and facing foreclosure,” said Superintendent Lawsky. “We will continue to vigorously pursue mortgage fraud so that perpetrators are punished and homeowners are better protected.”
