Ponzi Scheme Sentencing Delayed after Accused Asks for Mercy
Anthony Cutaia, 65, who pleaded guilty to federal charges of mail fraud
earlier this year, will now not be sentenced until January. Sentencing
was to have taken place on December 13th, but apparently the time of the hearing had changed. Because many of the
alleged victims had planned to attend and/or speak at the hearing and
there would not be time to inform them of the change, the hearing was
postponed until January 2012. Additionally, Cutaia had submitted a request
to reduce his sentence, which also figured into the postponement.
According to court documents, Cutaia ran a real estate Ponzi scheme that affected anywhere from 10 to 50 people total. He could face up to 20 years in prison, although it was recommended that he serve 41 - 51 months. His attorney claims that Cutaia otherwise led an "exemplary life" and should be allowed to serve only two years for the alleged investment scam. His attorney says that Cutaia suffers from physical and mental health issues and also has issues with gambling addiction. Cutaia's attorney made no mention of the many civil suits against Cutaia or his multiple filings for bankruptcy protection in the years since the alleged scheme.
Theinvestment fraud lawyers with Meyer Wilson represent victims of Ponzi schemes nationwide in stockbroker mediation, arbitration, and litigation. We've helped more than 800 investors recover their losses, and we look forward to working with you.