Almost a year after he pleaded guilty to mortgage fraud conspiracy in New York, Guyanese businessman Ed Ahmad made a court appearance to have his bond arrangement modified.
Court records show that Ahmad, who faces over 10 years in jail and making US$15 million in restitution and fines, appeared before Magistrate Judge Ramon E Reyes Jr on September 24 and the hearing saw four properties being removed from his bond and one surety being added. This could mean that his US$2.5 million bail was reduced. There was no information on when the businessman would be sentenced but it is believed that over the last few months he has been cooperating with authorities, which could see him receiving a reduced sentence.
Ahmad had made a US$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 was no note or payments until several years after.
The Office of Congressional Ethics (OCE) asked the House Ethics Committee to investigate the matter and noted that Meeks “refused to cooperate with its investigation.”
Ahmad was eventually detained on charges that he operated a US$50 million mortgage-fraud scheme in Queens, New York. He faces a maximum of 30 years in jail.
Ahmad’s case has attracted great interest in Guyana because of his close ties to former president Bharrat Jagdeo. Ahmad had shipped a container of goods to Jagdeo at State House and many questions were asked about this.
Three alleged co-conspirators— Ahmad’s cricket friends and employees—were also indicted in an associated case.
Queens-based brokers Qayaam Farrouq, Mohamed Gurmohamed and Guyanese cricketer Steve Massiah were charged with defrauding banks and mortgage companies by falsifying mortgage-loan applications to make borrowers appear more creditworthy to financial institutions. The matter against Massiah has since been dismissed without prejudice.