Feds: Broward cops, FBI agent in mortgage fraud ring

The Miami Herald reports:

A network of Broward County attorneys, law enforcement officers and mortgage brokers are accused of falsifying a slew of documents to obtain $16.5 million in loans that they used to buy and flip properties during the real estate boom, according to an indictment unsealed Wednesday.

Federal prosecutors said the Broward-based group was organized by ex-Plantation police officer Joseph Guaracino, who recruited five other current and former cops in that city as well as a Lauderhill officer and an FBI agent. They allegedly posed as ``straw'' buyers who pledged to buy and live in 38 condos and homes in Broward and Palm Beach counties.

I guess some of these government workers were serving their self-interest.