Guldi Sentenced For Grand Larceny And Insurance Fraud

Riverhead - Former Suffolk County Legislator George Guldi, who was convicted on February 16, 2011 of grand larceny in the second degree and insurance fraud for the theft of $853,000 paid by his insurance carrier to be held in escrow to reconstruct his Westhampton Beach home destroyed by fire in 2008, has been sentenced today to three to nine years for the grand larceny conviction, and one to three years for the insurance fraud conviction. His terms are to be served consecutively.

George Guldi may also have to pay restitution. (File Photo)

After conviction Judge James F. X. Doyle set cash bail at $500,000 or $1 million dollars bond and the defendant was remanded to the county jail. Judge Doyle also issued a restitution judgment order for $863,473.30 for Bank of America, the current holder of the mortgage on the property at 9 Griffing Avenue, Westhampton Beach.

During the sentencing Judge Doyle noted the defendant's lack of remorse and described white collar crimes as serious offenses.

Mortgage Fraud Unit Assistant District Attorney Thalia Stavrides said Guldi, an attorney, "abused and violated the trust inherent in the nature of his profession".

The district attorney's office recommended the maximum imprisonment of seven and one-third to 22 years.

The defendant, incarcerated in lieu of $1.1 million cash bail, faces trial on two more indictments. Indictment 2590 of 2009 charges the defendant with one felony count of failure to file an income tax return from January 1, 2006 to October 15, 2009, in violation of New York State Tax Law. In indictment 1709 of 2009, Guldi and more than one dozen codefendants are charged with grand larceny, scheme to defraud, conspiracy and other crimes involving the theft of millions of dollars in a mortgage fraud involving 60 properties in Suffolk County.

Countrywide Home Loans Inc., the lender holding the $1.4 million dollar mortgage on Guldi's home, never received or endorsed the check issued by the insurance company to pay for reconstruction of the house.

The house was destroyed by fire on November 30, 2008.

RELATED ARTICLE:
 • Guldi And Four Others Charged With Grand Larceny In Mortgage Fraud Case