Joseph Guaracino, a former police officer in Florida, pleaded guilty to a scheme defrauding mortgage lenders.
The United States Attorney for the Southern District of Florida says Guaracino, who previously worked as an officer for the Plantation Police Department, received close to four years in jail for running the scam.
He also will have to pay $2.9 million in restitution to the lenders impacted.
The U.S. Attorney’s office says Guaracino pleaded guilty to one count of conspiracy to commit mail and wire fraud.
Authorities claimed Guaracino made false statements in mortgage applications about his income and whether he planned to occupy the residences he acquired. The homes he bought were flipped for a profit, while others ended up in foreclosure, causing deep losses.
— Kerri Panchuk