Guyanese businessman Ed Ahmad, who pleaded guilty to criminal charges in a US court and is awaiting sentencing, has begun making forfeiture payments as ordered by the court last month with the deposit of US$28,662 into the Seized Asset Deposit Fund.
A court filing on Tuesday revealed this information and said it was in keeping with the December, 2014 order made by New York Judge Dora Irizarry following a request from the US State’s Attorney office.
Ahmad, who pleaded guilty to mortgage fraud conspiracy on October 10, 2012, has to make payments of forfeiture money to the tune of US$500,000. He faces over 10 years in jail and US$15 million in restitution and fines.
Judge Irizarry had ordered 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.
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. 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.
It is believed that the Guyanese businessman may be cooperating with authorities hence the delay in his sentencing.
