Real estate talk-show host charged with ponzi scheme

The host of real estate talk shows broadcast on Florida radio and television has been arrested for allegedly running a Ponzi scheme.

The South Florida Sun Sentinel reports that federal prosecutors have charged Anthony F. Cutaia with defrauding investors who put money into commercial real estate projects arranged by his Boca Raton, Fla.-based company. Prosecutors did not publicly report how many investors were defrauded or how much money was involved in the transactions, although a spokesperson for the U.S. Attorney's Office stated that Cutaia's activities took place between March 2003 and December 2006 and involved investors who came to him via his talk show, real estate seminars and broker referrals.

Cutaia's program, "Talk About Mortgages and Real Estate," was broadcast across Florida by the PAX-TV Network and was heard on several radio stations. Cutaia, who turned himself over to authorities last Friday and was released from custody the same day after posting a $410,000 bond, faces a maximum penalty of 20 years in prison and a $250,000 fine.

Source: MortgageOrb.com