Investors trusted accused Ponzi schemer Anthony Cutaia for his TV, radio shows and church ties

Sara Turner Commercial Business July 02, 2011 0

Friends and acquaintances of Anthony F. Cutaia say they trusted him with their life savings because he portrayed himself as a mortgage expert and a religious man. Aside from hosting “Talk About Mortgages and Real Estate” on the radio and television, Cutaia was a longtime member of St. Joan of Arc Catholic Church in Boca Raton. He was a regular at Mass and took an active role in the parish’s Knights of Columbus men’s group.

Related
Talk show host Cutaia charged with fraud
Phyllis and Anthony Marullo, with their dog, Cookie, invested $200,000 with Anthony Cutaia.Amy Beth Bennett, Sun Sentinel
Topics
Realty
Real Estate
Homes
See more topics »
- X Vehicles Credit Ratings Television Bankruptcy Justice System Fraud Corporate Crime Lawyers Financial and Business Services Radio Financially Distressed Companies Mortgages Christianity Crimes Roman Catholicism Prosecution Boynton Beach Fort Lauderdale Philadelphia (Philadelphia, Pennsylvania)

Cutaia told his clients he was investing their money in various commercial real estate ventures, but federal prosecutors have accused him of defrauding clients by creating a Ponzi scheme. Video: Victim describes club shooting that left 2 dead “What he did to me, I don’t even have a word for,” said Phyllis Marullo, 80, a Boca Raton resident who invested $200,000 with Cutaia. “I’m still in shock. I never, ever, ever suspected something like this could happen.” Cutaia, 65, is set to go to trial Oct. 4 in federal court in West Palm Beach on charges of mail fraud, in connection with the Ponzi scheme. Until then, he remains free on a $10,000 bond. Neither he nor his attorney, Jonathan Friedman, of Fort Lauderdale, could be reached for comment, despite attempts by phone and email. The U.S. Attorney’s Office, which declined comment because the investigation is continuing, hasn’t disclosed the number of investors or a dollar figure of how much they allegedly lost. Phyllis Marullo and her husband, Anthony, have been married 56 years, and their home off Yamato Road is filled with family photos and religious relics. They said the money they invested with Cutaia was meant to bolster their nest egg, which they would someday give to their four children and their families. The Marullos said they had no worries about investing with Cutaia because of his background in real estate and his standing at church. They knew his wife Susan was a reader at Mass and held leadership roles in Catholic organizations. “I trusted him with my soul,” said Phyllis Marullo. Anthony Marullo, 81, said he met Cutaia through the Knights of Columbus at St. Joan of Arc, where the couple have been parishioners for more than 40 years. Anthony Marullo said Cutaia never spoke to him about money or investments. Because of his respect for Cutaia, Marullo said he approached him in 2004 about getting better returns on his money than at a credit union. Cutaia said he could get an 8 percent return on deals to buy commercial properties and second mortgages on apartment buildings, Anthony Marullo remembers. The Marullos said their interest payments arrived on time. When they stopped coming, Phyllis Marullo spoke to Cutaia at church. “He gave me the kiss of peace,” she said. “I asked him about the money, and he said, ‘When things get better, I’ll pay everybody.’” The Marullos said they later went to Cutaia’s Boca Raton office. He wasn’t there, and the place was a mess, with papers scattered about and the phone ringing constantly, Phyllis Marullo said. Cutaia no longer is associated with St. Joan of Arc, according to an assistant for church pastor Monsignor Michael D. McGraw. Jim Anderson, of Boca Raton, said he met Cutaia through Susan Cutaia. Anderson said he attends a different church but felt comfortable investing with Cutaia because of Susan Cutaia’s reputation in the community and Anthony Cutaia’s credentials as a mortgage specialist on TV and the radio. Anderson wouldn’t say how much he invested but described it as a “sizable” sum he received from an inheritance. Like the Marullos, Anderson said Anthony Cutaia sent interest payments before the money stopped coming. Anderson said he went to lunch with Cutaia, who said he couldn’t keep paying the money because the economy had soured.

fl-anthony-cutaia-ponzi-20110701

1
2
next
| single page

Businessmen Service

Your Guide Through Business Jungles