Five arraigned in Hamptons mortgage scam

Five suspects will be
arraigned today on charges of grand larceny and scheme to defraud in
connection with an alleged $50 million mortgage fraud involving
millions of dollars worth of properties in the Hamptons and other parts
of Suffolk County. Wachovia Federal Savings Bank filed a civil lawsuit
last month against George Guldi, a former Suffolk County legislator,
claiming he stole $1.8 million as part of a mortgage fraud scheme
involving a home owned by his late father and appraised at $3.5
million. The five suspects were scheduled to be arraigned this
afternoon in  Southampton Town Justice Court.