Real Estate Talk Show Host Faces Fraud Charges
Real Estate Talk Show Host Faces Fraud Charges
A South Florida real estate talk show host is facing federal charges for allegedly using his talk show and real estate seminars to recruit investors for a Ponzi scheme, according to federal prosecutors in West Palm Beach.
Anthony F. Cutaia of Boca Raton faces charges of defrauding investors in a Ponzi scheme. Cutaia hosts a television and radio program, “Talk About Mortgages and Real Estate.” He is accused of recruiting investors for commercial real estate projects arranged by his company, CMG Property Investment Group, according to court documents.
Federal prosecutors say the fraud took place from March 2003 and December 2006, and prosecutors allege that Cutaia told investors that their money would be used exclusively to buy real estate and that they would receive quarterly interest payments of about 8 percent--payments which, according to court documents, were continually postponed. Prosecutors say the investors believed their money was safely invested in real estate projects when it was not.
Cutaia faces charges that carry a maximum penalty of 20 years in prison and a $250,000 fine.
Source: “Talk Show Host Cutaia Charged With Fraud,” South Florida Sun-Sentinel (June 8, 2011)
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