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Guldi Pleads Guilty to Massive Mortgage Fraud Scam

George Guldi

George Guldi, the former Suffolk County lawmaker recently convicted of insurance fraud, has admitted to his part in a separate multimillion-dollar mortgage fraud scheme.

Guldi pleaded guilty to scheme to defraud and 34 counts of grand larceny Friday during jury selection for what would have been his upcoming trial in Suffolk County court.


He was convicted following another trial earlier this year of pocketing $853,000 in insurance money after a 2008 fire at his Westhampton Beach home. He was sentenced to 4-to-12 years in prison in that case.

Prosecutors said the scheme to which he pleaded guilty Friday involved creating phony documents to obtain mortgages on about 60 properties, mostly in the Hamptons.

Judge James F.X. Doyle promised Guldi a 1-3 year sentence to run concurrently with the 4-12 year term.

Suffolk County District Attorney Thomas Spota said he is disappointed, calling the sentence inadequate.

“Mr. Guldi’s greed leaves a trail of financial ruin heretofore unseen in this county,” Spota said. Prosecutors were seeking a sentence of up to 25 years.

Guldi served as a county legislator from 1994 until 2003, when he unseated by current Legis. Jay Schneiderman (I-Montauk).

Guldi’s codefendant, 37-year-old attorney Brandon Lisi of Dix Hills, also pleaded guilty to grand larceny charges Friday in a plea deal with Judge Doyle for three years in prison.

-With Associated Press.

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