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PDFFrom NYT:
For years, a self-made real estate magnate named Edul Ahmad personified the collective dreams of Richmond Hill, Queens, which is populated by many immigrants from Guyana, in South America. Mr. Ahmad drove a yellow Lamborghini, sponsored a cricket team and held white-glove parties at a lavish banquet hall that he owned.
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In July, it all came crashing down. Agents from the Federal Bureau of Investigation arrested Mr. Ahmad, charging him with masterminding a $50 million mortgage fraud that seemed to exemplify a nationwide phenomenon of celebrated immigrant brokers who were accused of preying on their own.
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Mr. Ahmad, 44, is charged with luring buyers into subprime mortgages, inflating the values of their properties and concealing his involvement by using straw buyers, like his wife and the Guyanese-born captain of the United States cricket team, Steve Massiah.
Mr. Ahmad pleaded not guilty and posted $2.5 million in bail in July. Reached by telephone recently, he would not comment.
Since 2009, more foreclosures have been filed in Queens than in any other borough, according to the Neighborhood Economic Development Advocacy Project. Five of the hardest hit ZIP codes in Queens are within a 15-minute drive of the office of Mr. Ahmad, who community leaders say once held about 75 percent of local real estate listings.
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