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– Former Plantation cop Joseph Guaracino is about to learn what a federal pen is like from the inside out, after he was sentenced to three years and seven months in prison Friday after pleading guilty in a mortgage fraud case.
It could have been much worse. Guaracino had faced 33 counts, but federal prosecutors allowed him to plead guilty to just 2, for mail fraud and wire fraud conspiracy, cutting his potential sentence significantly. A mistrial was declared last year after a 5 week trial, and prosecutors offered the plea to avoid having to hold a a re-trial.
Investigators say the $16 million scheme involved use of false loan applications to buy properties, then rent or sell them at a profit.
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