David Saks: EX-COP WILL DO TIME FOR MORTGAGE FRAUD

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

EX-COP WILL DO TIME FOR MORTGAGE FRAUD

Former Police Officer Sentenced for Defrauding Lenders

Joseph Guaracino, a former Plantation, Florida, Police Department Officer, has been sentenced for his role in a scheme to defraud mortgage lenders.  U.S. District Judge James I. Cohn sentenced Guaracino to 43 months’ imprisonment, to be followed by 3 years of supervised release.  Guaracino was also ordered to pay $2,969,439.00 in mandatory restitution to financial institutions.  Guaracino was immediately remanded and taken into custody by the United States Marshals Service.

 

In November 2011, Guaracino pled guilty to a one count Information that charged him with conspiracy to commit mail and wire fraud, in violation of Title 18, United States Code, Section 371.  His plea came after his trial on multiple counts of mail and wire fraud and false statement counts resulted in a mistrial in September 2011.

According to the charges and other documents filed with the court in connection with the plea, Joseph Guaracino engaged in a scheme to defraud mortgage lending institutions by making false statements in mortgage applications regarding income and occupancy.  Many of the homes purchased by Joseph Guaracino were flipped for a profit, but a substantial number went into foreclosure.

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, Henry Gutierrez, Postal Inspector in Charge, U.S. Postal Inspection Service, Tom Grady, Commissioner, State of Florida’s Office of Financial Regulation, and Addy Villanueva, Special Agent in Charge, Florida Department of Law Enforcement (FDLE), Miami Field Office, announced the sentencing.

Mr. Ferrer commended the investigative efforts of the U.S. Postal Inspection Service, Florida’s Office of Financial Regulation, and FDLE.  The case was prosecuted by Assistant U.S. Attorneys Laurie E. Rucoba and Jared M. Strauss, and Senior Litigation Counsel Michael Patrick Sullivan.

Courtesy Mortgage Fraud Blog




David Saks



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Comment balloon 2 commentsDavid Saks • March 07 2012 06:43AM

Comments

Just one in many unfortunately real estate scams that has been brought to light.

Posted by Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) about 8 years ago

How much of that restitution do you think will ever be made?  History shows that very little of it actually happens, and no one from law enforcement apparently, ever follows up on it.

Posted by Thomas McCombs (Century 21 HomeStar) about 8 years ago

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