GEORGE ESSO, a former loan officer, were found guilty of participating in a multi-million-dollar mortgage fraud scheme through GuyAmerican Funding Corp., a mortgage brokerage located in Queens, New York. The scheme involved the use of numerous fraudulent loan applications designed to trick banks into lending money to unqualified borrowers for the purchase of residential properties in the New York City area. In total, ESSO and RAVI PERSAUD were charged along with eight other defendants in a scheme that defrauded banks out of more than $23 million in home mortgage loans.
ESSO, 38, of Saint Albans, New York, was convicted of one count of conspiracy to commit bank and wire fraud and one count of bank fraud, and faces a maximum penalty of 60 years in prison.
RAVI PERSAUD, 44, of Glen Head, New York, was convicted of one count of bank and wire fraud and three counts of bank fraud. He faces a maximum sentence of 120 years in prison.
Both defendants will be required to pay restitution to the victims of their offenses, and to forfeit the proceeds of their crimes.
PEGGY PERSAUD, ORETTE KILLIKELLY, and ELTON LORD previously pled guilty.
The case against CHEDDI GOBERDHAN is still pending.
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