President of a mortgage brokerage firm guilty in $23 million scam

Scott Shifrel New York Daily News 08/06/2010 15:31

The president of a mortgage brokerage firm pleaded guilty Friday to a $23 million home mortgage scam.

David Ramnauth was president of GuyAmerican Funding Corp. when he took advantage of homeowners having trouble paying their loans, prosecutors said.

Ramnauth, 54, of Levittown, L.I., and his cohorts in the scheme collected massive fees from inflated mortgages by using "straw buyers" who flipped the homes again and again.

He pleaded guilty to bank and wire fraud in Manhattan Federal Court and is facing as much as 30 years in prison.

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