US mortgage fraud investigation…US Federal Special Agent Bryan Trebelhorn has revealed in court documents how Guyanese businessman Ed Ahmad fleeced a US lending agency “Countrywide Home Loans” of more than US$700000 on two New York properties.The Special Agent, who has been working on the FBI’s Financial Institutions Fraud Squad, has testified in an affidavit that he has been working on matters relating to the Guyanese businessman since 2007.Ahmad was pulled from a Delta Airlines flight bound for Guyana on Saturday by Federal Agents as authorities investigate him for knowingly and intentionally conspiring to execute a scheme and articulate to defraud a financial institution, Countrywide Home Loans, to obtain moneys, funds, credits, assets, securities and other properties by means of materially false and fraudulent pretenses, representations and promises.The Guyanese businessman,Cheap NFL Jerseys Supply, who has other business interests in the Queens, New York District, has since posted a US$2.5M bail.In the affidavit, Trebelhorn outlined an overview of the mortgage fraud scheme that was allegedly perpetuated by Ahmad in collaboration with others.He stated that since 2000,ArDarius Stewart Jersey, a group of co-conspirators has defrauded various lending institutions by obtaining mortgages on properties located in the eastern district of New York and elsewhere through fraudulent means, including by falsifying mortgage loan applications appraisals, title reports and other documents.The false information made the borrowers appear more credit worthy, and falsely enhanced the purported value of the properties. As a result, the lenders were falsely induced to issue mortgage loans secured by the properties.According to Trebelhorn, in some instances the co-conspirators executed the scheme by using individuals (straw buyers) to conceal the true ownership of the properties.“In particular, the co-conspirator recruited straw buyers to pose as the purchasers of some of the properties,” Trebelhorn explained.The straw buyers generally were individuals with good credit scores but with incomes and assets that were normally insufficient to secure a mortgage loan.At the direction of the co-conspirators, the straw buyers agreed to apply for mortgages on properties. In reality the co-conspirators were the real owners of the properties purportedly purchased by the straw buyers.In exchange for the use of their names and good credit, the straw buyers often received a fee.Once recruited, the co-conspirators prepare mortgage applications for properties. These applications contain numerous misrepresentation and material falsehood designed to make the straw buyer appear more credit worthy.Among other things, the mortgage applications falsely inflated the bank account balances and income of the straw buyers.Following the disbursement of loans, the co-conspirators do not make mortgage payments to the lenders for the properties, and the mortgage loans defaulted.The FBI Agent said that on numerous occasions, Ahmad as the owner of a mortgage brokerage business, conspired to obtain mortgage loans from lenders through fraudulent means.He stated that during 2006 and 2007, Ahmad participated in the preparation of approximately 163 mortgage loan applications to a lending agency, Countrywide Home Loans, for which Countrywide has suffered losses.He cited two cases for which there is clear evidence of fraud.“For example the investigation has revealed that on or about and between January 1, 2007 and July 31, 2007, the defendant Edul Ahmad conspired with others to fraudulently obtain mortgage loans from Countrywide through the use of straw buyers for a property located in South Ozone Park, New York and a property located in Jamaica, New York,” the FBI agent stated in his affidavit.He explained that using fake credit, Ahmad obtained bank financing for both properties.According to Trebelhorn, with regards to the South Ozone property, the amount of the mortgage loan was $417,000 and the mortgage information contained numerous misstatements as to the credit worthiness of the straw buyer.For example, the mortgage application stated that the straw buyer earned $9,850 as an Executive Chef at a catering business owned by Ahmad himself.The application also lists a variation of Ahmad’s name,Wholesale Jerseys Free Shipping, A Edul, as the straw buyer’s landlord.Trebelhorn said that during his investigations, he had spoken with cooperating witnesses (CW) who worked with Ahmad in the real estate business, and who claimed that he/she knew Ahmad and the straw buyer very well.According to the cooperating witness, the straw buyer in this instance was married to Ahmad and never intended to live at the South Ozone property.Moreover, the straw buyer never worked as a chef at Ahmad’s catering compa