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Tuesday, January 11, 2011

NY Attorney Pleads Guilty in Manhattan Federal Court in $23 Million Scam

Department of Justice Press Release
For Immediate Release
January 11, 2011 United States Attorney's Office
Southern District of New York - Contact: (212) 637-2600

Queens Attorney Pleads Guilty in Manhattan Federal Court to Participating in $23 Million Mortgage Fraud Scheme

PREET BHARARA, the United States Attorney for the Southern District of New York, announced that CHEDDI GOBERDHAN, a real estate attorney, pled guilty yesterday before U.S. District Judge SHIRA A. SCHEINDLIN in Manhattan federal court to a seven-count Indictment charging him with conspiracy to commit bank and wire fraud, and six counts of bank fraud, in connection with a scheme that defrauded banks out of more than $23 million in home mortgage loans. GOBERDHAN made hundreds of thousands of dollars in illicit profits from the scheme, in which he worked closely with corrupt loan officers of GuyAmerican Funding, a mortgage brokerage firm in Queens, New York. GOBERDAN is the ninth defendant convicted of participating in this mortgage fraud scheme. Manhattan U.S. Attorney PREET BHARARA said: "Cheddi Goberdhan carried out an elaborate subterfuge designed to steal millions of dollars in home mortgage loans. Instead of serving as the gatekeeper whom the banks relied upon to prevent fraud, he abused his position of trust to line his own pockets. We will continue working with our law enforcement partners to prosecute those who commit mortgage fraud and jeopardize the stability of our financial institutions."

According to the Superseding Indictment and statements made during the proceedings in this case:

GOBERDHAN participated in a massive mortgage fraud scheme operated through a branch office of GuyAmerican Funding located on Liberty Avenue, in Jamaica, New York. GOBERDHAN's coconspirators in the scheme included, among others, the president of GuyAmerican Funding (DAVID RAMNAUTH), GuyAmerican loan officers (PEGGY PERSAUD, ORETTE KILLIKELLY, GEORGE ESSO), individuals who recruited homeowners and "straw buyers" (ELTON LORD, RAFICK BAKSH, MAHAMOOD HUSSAIN), and another real estate lawyer (RAVI PERSAUD). As part of the scheme, the coconspirators arranged home sales between "straw buyers"—persons who posed as home buyers, but who had no intention of living in the mortgaged properties—and homeowners in financial distress who were willing to sell their homes. The GuyAmerican loan officers obtained mortgage loans for the sham deals by submitting fraudulent applications to banks and lenders, and using fraudulent representations about the supposed buyers' net worth, employment, income, and plans to live in the properties. Frequently, the co-conspirators used the same straw buyer to obtain multiple mortgage loans. The co-conspirators kept some or most of mortgage proceeds for themselves, while the "straw buyers" ultimately defaulted on the mortgages, causing millions in losses to the banks and lenders.

GOBERDHAN acted as the closing attorney and the straw buyers' attorney on numerous mortgage loans originated through GuyAmerican Funding, including loans in which the same straw buyer was used to purchase multiple properties within a short period of time. GOBERDHAN sent false documents to the banks, received the loan money from the banks into his attorney account, and made illicit payments from the sales proceeds to himself and his co-conspirators. GOBERDAN's wife also owned the title company that was used for many of the transactions, in violation of New York disciplinary rules, which allowed him to further profit from the scheme. GOBERDHAN, 57, of Elmont, New York, faces a maximum sentence of 210 years in prison. He will also be required to pay restitution to the victims of his offense and to forfeit the proceeds of his crimes. GOBERDHAN is scheduled to be sentenced by Judge SCHEINDLIN on April 13, 2011. DAVID RAMNAUTH, PEGGY PERSAUD, ORETTE KILLIKELLY, RAJNARINE SINGH, ELTON LORD, and TARAMATEE SINGH previously pled guilty, and RAVI PERSAUD and GEORGE ESSO were convicted after trial. Two charged defendants, RAFICK BAKSH and MAHAMOOD HUSSAIN are fugitives. Manhattan U.S. Attorney PREET BHARARA praised the investigative work of the Federal Bureau of Investigation and thanked it for its assistance in this case.

This case was part of the coordinated takedown of "Operation Bad Deeds," a joint federal, state, and local law enforcement operation targeting mortgage fraud crimes, announced on October 15, 2009, in which 41 defendants were charged in various mortgage fraud scams in New York, Pennsylvania, Ohio, and North Carolina. This case was brought in coordination with President BARACK OBAMA's Financial Fraud Enforcement Task Force, on which Mr. BHARARA serves as a Co-Chair of the Securities and Commodities Fraud Working Group. President OBAMA established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes. The prosecution of the cases arising from "Operation Bad Deeds" is being overseen by the Office's Complex Frauds Unit. The prosecution of this case is being handled by Assistant U.S. Attorneys REBECCA ROHR, NICOLE FRIEDLANDER, and ANTONIA APPS.

11 comments:

disgusted said...

Lookie, lookie. The Honorable Shira Scheindlin has a dishonest New York attorney in front of her. Preet should be quite happy he didn't have to go to trial. Shira protects NY lawyers who are criminals. The more they steal, the more Shira protects.

Anonymous said...

Shira is the go-to judge! This cover up is only the tip of the iceberg! Dig deeper and Judge Golia will surface but no one will dig because that's part of the cover up.

Anonymous said...

Obviously important work to correct and remove fraud in the system, whether mortgage fraud, insurance fraud, medicaid fraud or other.

But Far More Important than ANY of that is Govt's Fundamental Obligation to protect its people which did not happen in the case of OCA - Queens Supreme Court Judge Joseph Golia Whistleblower named Sun-Ming "Sunny" Sheu.

And yet, the blogs, authorities, and more sit back and insult his death and memory by doing nothing. This was also a Queens County case and Also involved Mortgage Fraud and Sunny CLEARLY Sought Help from the US ATTORNEY and FBI of the US Southern District of New York!

krh of hvr

http://www.youtube.com/watch?v=3Tr3QChAy4Y

Sunny Sheu Letter to Supervisor of Mortgage Fraud Unit of NYC FBI Squad C3 Unit SSA Rachel Rojas Requesting Witness Protection and being Warned to "Be Careful"

http://www.youtube.com/watch?v=W9fWFfCgM5Q&feature=related

Police Contradictions on Death of Sunny Sheu

http://www.youtube.com/watch?v=p46W6qWlokE&feature=related

Queens Medical Examiner Contradict Police etc

http://www.youtube.com/watch?v=ItS1XpnY4kk&feature=related

Mr. Suarez said...

I agree by experience that Judge Shira Scheindlin is corrupt and criminally protects the illegal interests of guilty lawyers and corrupt corporations. She even permits violations of constitutional law and legal rights.

I never saw a federal judge so scared of a corrupt lawyer who she was on a first name basis with.

Vivtim of Judge Shira Scheindlin said...

Judge Shira Scheindlin dismissed all of the related cases which involve crimes, (Anderson vs. The State of New York, et.al.)!!!!!!!!

Judge Shira A. Scheindlin needs to be IMPEACHED!!!!!

Also 4 other Lawyers Charged said...

NY Attorney Pleads Guilty in $23 Million Scam, Four Other Lawyers Charged

A Long Island real estate attorney pleaded guilty on Monday to fraud charges as part of a wide-ranging scheme to cheat banks out of $23 million in home mortgage loans. Cheddi Goberdhan, 57, of Elmont, was charged in 2009 in a broader sweep that netted 40 others, including five other lawyers, in what was dubbed Operation Bad Deeds.
Within that sweep was the $23 million scheme, in which Mr. Goberdhan and seven others were charged, based in a branch office of GuyAmerican Funding in Queens. It involved coconspirators arranging home sales between straw buyers and distressed homeowners who needed to sell. After obtaining loans using phony documents, the straw buyers would default on the loans. Mr. Goberdhan made hundreds of thousands of dollars by acting as both the closing attorney and the straw buyers' attorney. He would take the funds from the loans and deposit them into his attorney account before dividing up the proceeds between himself and several coconspirators.
Mr. Goberdhan pleaded guilty before Judge Shira A. Scheindlin to conspiracy to commit bank and wire fraud and seven counts of bank fraud. He faces a maximum 30 years in prison term for each count when he is sentenced on April 13.
Six other defendants have already pleaded guilty in the broader sweep. Attorney Ravi Persaud was convicted of bank and wire fraud on Aug. 26 after a trial before Judge Scheindlin that also ended in the conviction of GuyAmerican loan officer George Esso. Among those still facing charges are attorneys Dustin J. Dente of Roslyn, Brandon Lisi of Glen Cove, Dean Reskakis of Hempstead, and Emmanuel Roy of Brooklyn. The prosecution is being handled by Assistant U.S. Attorneys Rebecca Rohr, Nicole Friedlander and Antonia Apps. Anthony Ricco represents Mr. Goberdhan.

Anonymous said...

So, fraud is only a problem when large banks are victims?

Anonymous said...

Judge Scheindlin has to know that the Queens DA along with Queens Judges are dirty and has done what? Zippo! Judge Hart told it like it is on June 8th, 2009 in Albany before Sen. Sampson. He detailed the corruption and what has been done? Sunny Sheu's murder was criminal act and what has the FBI done? Just a dead chinaman and who cares? The corruption goes on and on and the money keeps rolling in.

Anonymous said...

Can't figure Shira Scheindlin out but, I don't trust her after what she did to Christine Anderson. Scheindlin set back the law light years with what she did with Anderson and the related cases and that's the botton line.

Anonymous said...

I think the rich gets richer and the poor gets poorer. All those houses Ravi Persaud, his Wives and family have they cause the country to be in financial problems. Some American are suffering for employemt to support their family. Whereas, the Persaud family have many business in Real Estate, Construction, Plumbing and many others. They have it all in hard times. They even rent the basements of their homes and generate an income. Every man woman and child have a house. They are very lucky. That was a GT family fraud.

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