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Wednesday, June 8, 2011

South Florida talk show host is busted for fraud in alleged Ponzi scheme

justice Boca Raton radio host Anthony Cutaia is being accused of running an elaborate scheme, and could face a maximum 20-year prison term if found guilty on all charges. Cutaia, who hosted "Talk About Mortgages and Real Estate" on TV and on Beasley Broadcast Group-owned "Money Talk 740" WSBR-AM, turned himself in to authorities. They are investigating CMG Property and Investment Group, a company he owns, according to the Florida Sun Sentinel newspaper. He was released from jail by posting a $414,000 bond. The newspaper reports that Cutaia has filed for bankruptcy protection twice since 2007, including last month. It is not known how many people were involved in the alleged Ponzi scheme, or how much money was lost.

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