Former Suffolk County Legislator George Guldi pleaded not guilty Wednesday to being part of a $50 million mortgage fraud scheme.

Guldi is facing charges of grand larceny and scheming to defraud. Suffolk County District Attorney Tom Spota says from 2002 to March 2009, Guldi and others forged documents, used straw buyers and posted false information on applications to obtain mortgages on roughly 50 homes on the East End.

"The damage that these defendants single-handedly caused the East End is appalling,? Spota says.

The district attorney says banks such as Wachovia and Deutsche Bank signed off on dozens of multimillion-dollar mortgages on homes that prosecutors say Guldi and his clan would flip or rent out. The accused would then funnel the proceeds into their personal accounts to finance their business or personal expenses.

Prosecutors say Guldi got involved in the scam during his last year as a legislator.