Former TV host charged in Florida real estate Ponzi scheme
Anthony F. Cutaia, a Florida TV and radio personality, faces nine separate counts of mail fraud for his alleged involvement in a real estate investment Ponzi scheme. Cutaia, from Boynton Beach, Fla., is known in his local real estate community as the former host of radio and TV program, "Talk About Mortgages and Real Estate." U.S. attorneys with the Southern District of Florida filed charges against Cutaia, accusing him of defrauding investors while managing CMG Property Investment Group. Cutaia made his first appearance in court Tuesday. Neither Cutaia nor his attorney could be reached for comment. According to court records, CMG Property Investment recruited investors, promising to use their funds to acquire commercial real estate investment properties. Rather than allowing investors to make gains on the acquisition and sale of properties, prosecutors allege Cutaia operated a Ponzi scheme, using funds from his new investors to make payments on other investor accounts. He's also accused of violating contracts he signed with investors by reneging on a promise to use investment dollars to acquire real estate contracts in the Florida counties of Palm Beach and Broward. The nine counts of mail fraud are tied to letters Cutaia allegedly sent to investors in 2006, advising them that their payments were late because of delayed property closings. Write to Kerri Panchuk.