Former real estate talk show host Anthony Cutaia pleaded guilty to federal charges of mail fraud for running a commercial real estate-related Ponzi scheme today. Cutaia admitted to taking between $1 million and $2.5 million for commercial investments, but instead using it for personal gain, the South Florida Business Journal reported.
Cutaia’s show was called “Talk About Mortgages and Real Estate.”
In exchange for his plea to a single count of mail fraud, prosecutors agreed to drop seven additional counts of felony fraud against Cutaia, the Journal said.
The judge warned that Cutaia could be sentenced to up to 20 years in prison, three years of supervised release, a $250,000 fine, plus restitution in the amount of his scheme. [SFBJ]