President of Queens Mortgage Broker Sentenced in Manhattan Federal Court to 30 Months in Prison for Participation in Massive Mortgage Fraud Scheme

February 8, 2011 – (RealEstateRama) — PREET BHARARA, the United States Attorney for the Southern District of New York, announced that DAVID RAMNAUTH, the former president of the Queens mortgage brokerage GuyAmerican Funding Corp. (“GuyAmerican”), was sentenced today to 30 months in prison for his role in a massive mortgage fraud scheme in which over $23 million in fraudulent loans were processed in connection with over 44 properties in the New York metropolitan area. RAMNAUTH pled guilty to his role in the mortgage fraud scheme in August 2010