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Floridian Mortgage Fraudster Faces Five Years

Last week Joseph Guaracino plead guilty to a superseding information charging him with one count of conspiracy to commit mail and wire fraud in a Florida mortgage fraud scheme.

According to the superseding information and statements made during the plea hearing, Guaracino engaged in a scheme to enrich himself and others by causing real property in Broward and Palm Beach Counties to be bought and sold through the submission of fraudulent documents to mortgage lenders in order to obtain the loans. Sentencing has been scheduled for January 2012 where Guaracino faces a maximum statutory sentence of up to five years in prison.

A trial involving Joseph Guaracino and others ended in a mistrial in September 2011, after the jury was unable to reach a unanimous decision. The United States Attorney’s Office dismissed the charges against defendants Steven Stoll and Dennis Guaracino, and the retrial of Joseph Guaracino was scheduled for December 5, 2011.

In April 2011, after a separate trial, a jury had convicted then-Plantation Police officer Joseph DeRosa and former Plantation Police officer John Velez of fraud charges, and acquitted three current police officers and an FBI agent. On September 23, 2011, DeRosa was sentenced to 37 months imprisonment and Velez was sentenced to 42 months imprisonment.

Two mortgage brokers involved in the scheme, Matthew Gulla and Rene Rodriguez, pled guilty and testified in both trials. They were sentenced to 34 and 43 months imprisonment, respectively. A title company employee, Jacqueline Trumbore, who participated in the scheme, pled guilty and testified at the trials. She was sentenced to probation – Source.

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