Five suspects, including a former Long Island lawmaker, will be arraigned today on charges of grand larceny and scheme to defraud in connection with a $50 million mortgage fraud involving millions of dollars worth of properties in the Hamptons and other tony parts of Suffolk County.
The suspects, which includes former Suffolk County legislator George Guldi, will be arraigned this afternoon in Southampton Town Justice Court.
Last month, Wachovia Federal Savings Bank filed a civil lawsuit against Guldi claiming that he pocketed about $1.8 million as part of a mortgage fraud scheme involving a Water Mill home owned by his late father and appraised at $3.5 million.
Earlier in the month, Guldi’s Westhampton Beach law office on Mill Road was searched by officials from Suffolk County District Attorney Thomas Spota’s office as part of an ongoing investigation.