South Florida Business Talk Host Pleads Guilty In Ponzi Scheme Case
July 28, 2011 at 3:54 AM (PT)
Former BEASLEY Business Talk WSBR-A (MONEY/TALK RADIO)/BOCA RATON, FL brokered show host ANTHONY F. CUTAIA pleaded guilty TUESDAY to mail fraud in his case involving an alleged Ponzi scheme he ran from 2003 to at least 2006, reports the SOUTH FLORIDA SUN-SENTINEL.
CUTAIA allegedly defrauded investors out of up to $2.5 million in the scheme, using the money for personal purchases like a cruise, casino gambling, rent, and a DIRECTV subscription.
CUTAIA faces a sentence of up to 20 years and a $250,000 fine plus restitution, although the plea bargain includes prosecutors recommending a sentence on the low end of the guidelines.