Joseph Giuttari Arraigned on Wire Fraud Charges: A Closer Look at the Allegations

Photo of author
Written By Richard Perdomo

Joseph Giuttari, 62, was arraigned in federal court on charges of wire fraud, stealing government property, and filing a false tax return.

He has agreed to plead guilty and has been released on bail with strict conditions, including no contact with victims and a halt on accepting new clients at his brokerage, Hybrid Capital Group LLC. U.S. Magistrate Judge Patricia Sullivan mandated that he inform his existing clients about the charges against him.

Victims, including Mike Pare, attended the hearing, expressing deep emotional distress over the loss of their life savings and home, which Giuttari allegedly mortgaged without their knowledge. Pare described Giuttari as a thief who has devastated their retirement plans.

Giuttari, who has been accused of running an illegal investment scheme since 2015, reportedly defrauded more than ten victims, causing losses estimated between $3.5 million and $9.5 million.

He allegedly used these funds for personal gain and to repay other investors. Furthermore, he is accused of submitting false information to access federal COVID-relief funds and underreporting his income on a 2019 tax return.

Facing a potential maximum sentence of 33 years in prison and fines of up to $750,000, Giuttari is expected to receive a lighter sentence due to his plea agreement. He is also required to pay restitution to his victims.

His next court appearance has not yet been scheduled.

 

 

Leave a Comment