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Anthony Cutaia pleads guilty to fraud
By Palm Beach Business.com
DELRAY BEACH — A Boynton Beach man who once hosted a radio and television real estate talk show could face as much as 20 years in prison after pleading guilty to fraud charges.
Anthony F. Cutaia, 65, of Boynton Beach, ran a Boca Raton company called CMG Property Investment Group, which claimed to invest in commercial real estate. Cutaia’s firm raised money from investors through what were termed contract participation agreements.
The money raised was to buy real estate contracts in Palm Beach and Broward counties. The company claimed that it would not collect commissions or fees until the properties were sold and a profit made. Federal prosecutors, however, said Cutaia invested little money in real estate, using the money instead to pay off personal and business expenses.
In classic Ponzi scheme fashion, Cutaia also would pay off older investors with money from newer ones.
Cutaia once hosted “Talk About Mortgages and Real Estate” on the Pax Television network and heard on WSBR radio. He and his wife, Susan, co-wrote a book called Untapped Riches: Never Pay Off Your Mortgage — And Other Surprising Secrets for Building Wealth. A paperback edition is available on Amazon for 19 cents.
Cutaia’s businesses filed Chapter 7 bankruptcy in 2007. Most of the debtors were investors in his real estate companies who had claims of at least $6.6 million.
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