FORT LAUDERDALE, Fla. (AP) --
Seven current and former police officers, an FBI agent and a network of attorneys and mortgage brokers are accused of orchestrating a multimillion dollar mortgage fraud in South Florida.
Thirteen were arrested Wednesday after a federal grand jury
indictment was unsealed. It alleges the group falsified documents
to secure $16.5 million in loans to buy and flip properties at the
height of the real estate boom.
They allegedly posed as buyers promising to live in 38 condos,
but instead rented and sold the properties.
The defendants include three active police officers in
Plantation and one in Lauderhill.
Prosecutors say the scheme was orchestrated by former Plantation
officer Joseph Guaracino, who was fired for allegedly lying in the
course of an investigation.
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