Following a request from the US State’s Attorney Office, New York Judge Dora Irizarry has ordered Guyanese businessman Edul Ahmad to make all payments of a forfeiture money judgment to the tune of US$500,000 by certified or bank cheque.
Justice Irizarry made the order last Friday as this was part of the agreement Ahmad made with the state following his October 10, 2012 guilty plea to mortgage fraud conspiracy for which he is still awaiting sentencing.
In the order, seen by this newspaper, Judge Irizarry said that the money shall be paid not later than the date of the defendant’s sentencing which was only listed as the “Final Due Date”. If payment is not done before that date interest on the forfeiture money judgment shall accrue on any unpaid portion at the judgment rate of interest from that date.
The order further stated that if the money is not received as ordered, Ahmad, who faces over 10 years in jail and US$15M in restitution and fines, consents to the forfeiture of any other property alleged to be subject to forfeiture in the indictment and/or any other property up to the value of the forfeiture judgment. It is expected that he would fully assist the government in effectuating the payment of the money and among other things, executing any documents necessary to effectuate any transfer of title to the US. The judge’s order also prevents Ahmad from filing to interpose any claim or assist others to file or interpose any claim to any property against which the government seeks to execute the forfeiture judgment in any administrative judicial proceedings.
By agreeing to this at his plea hearing, Ahmad also knowingly and voluntarily waives his right to any required notice concerning the entry and payment of the forfeiture judgment, including notice set forth in an indictment or information. He also waived his right to a jury trial on the entry of a forfeiture judgment and all constitutional, legal and equitable defences to the forfeiture of the said money, including but not limited to, any defences based on principles of double jeopardy. The forfeiture money is also not to be considered a payment of a fine, penalty, restitution loss amount, or of any income taxes that may be due, and shall survive bankruptcy.
There is still no information on when the businessman would be sentenced but it is believed that over the last year 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.
Ahmad also operates a hardware facility on the site of the former headquarters of the PPP-aligned Mirror newspaper at Industrial Site, Ruimveldt. The Mirror is no longer printed at this location.
He also co-owns a wood processing facility which was controversially transformed into a housing project. It was recently revealed that the company had quietly approached the Chief Justice’s court last year and secured an order to alter the conditions attached to the sale of the land to permit the housing estate.
South American Woods Incorporated (SAW Inc) had filed an ex-parte summons on September 24 last year to amend the conditions stated in the transport for the land, to replace the industrial/commercial clause to residential/commercial. On October 2, 2013, Chief Justice (ag) Ian Chang delivered a ruling in chambers on the matter of the transport, ordering that the Registrar of Deeds make the relevant amendments to transform the conditions attached to the transport.
The method of altering the conditions of the transport will raise questions as to whether the approach to the courts was the way in which this should have been done or whether these amendments need to be rectified by application to the lands and surveys body.
Three alleged co-conspirators in the mortgage fraud scheme— 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.
