TAG | real estate ponzi scheme
Comments off · Posted by admin in FINRA
The news-release states that the Information charges Cutaia with nine counts of mail fraud, in violation of Title 18, United States Code, Section, 1341. More specifically, the Information alleges that Cutaia was the managing member and beneficial owner of CMG Property Investment Group, LLC, which purportedly engaged in commercial real estate investment. Cutaia was also the host of “Talk About Mortgages and Real Estate,” a television and radio program.
From March 2003 through December 2006, Cutaia entered into Contract Participation Agreements with investors according to the charges. These contracts stated that investors’ money would be used solely to purchase real estate contracts in Palm Beach and Broward Counties and that CMG would not collect commissions or fees until the properties were sold and a profit was made. In fact, however, Cutaia allegedly invested little of the investors’ money in real estate and instead used the investors’ money to make payments to pre-existing investors and to pay his own business and personal expenses.
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