The Florida Office of Financial Regulation announced that Boynton Beach resident, Anthony Cutaia, was sentenced yesterday to 51 months in prison for his role in a $6 million Ponzi scheme perpetrated on 35 Florida investors. Cutaia pleaded guilty to mail and wire fraud for misleading investors and misappropriating funds.
Cutaia began soliciting potential investors in March 2003 through his Boca Raton based company, CMG Property Investment Group. He told investors their investments would be used as down payments on commercial real estate transactions. In return for their investments, they would share in any profits and be paid interest.
Prosecutors alleged that Cutaia used investor money to make payments to earlier investors and to fund his personal and business expenses such as cruises, trips to casinos, gambling debts, overdue office rent and a DirecTV subscription.
Many investors were solicited through a local real estate talk show Cutaia hosted “Talk About Mortgages and Real Estate,” which was broadcast on PAX TV Network and WSBR radio, as well as through the church Cutaia attended.
Investors nationwide who have been the victim of investment fraud, may contact the Florida investment fraud attorneys at McCabe Rabin, P.A. for a free and confidential consultation by calling toll free at 877.915.4040, or by e-mail to firstname.lastname@example.org.