PROVIDENCE, R.I. (WPRI) — Federal investigators have filed a criminal charges against investment broker Joseph Giuttari, accusing him of defrauding people of millions of dollars, stealing COVID-19 relief money and filing false tax documents. Rhode Island U.S. Attorney Zachary Cunha's office outlined the allegations in court documents filed Thursday. The charges come just days after a Target 12 investigation first revealed the FBI, IRS and the U.S. Attorney's Office were investigating Giuttari and his business scheme. Prosecutors allege Giuttari initiated a scheme in 2015 to steal people's money while selling himself off to be a legitimate short-term mortgage broker, which continued through last year. After getting people to invest with him, Giuttari would use the ill-gotten gains "to repay earlier investors and to pay for personal expenses such as credit card, payments, mortgage payments on his personal residence, cash withdrawals, and payments in support of international investment opportunities," according to court documents. “I cannot imagine what other motive there would be other than badness and greed,” said Donna deWardener, a Narragansett resident who told Target 12 she's owed $2 million after being duped by Giuttari, who is also her cousin. She said the loss represented about two-thirds of her retirement savings. “He should pay for his crime,” deWardener added. “So many people have been hurt.” TARGET 12: ‘So many people have been hurt’: FBI investigating RI man’s investment scheme The Cranston man has already agreed to plead guilty in a deal with the U.S. Attorney's Office, which is likely to recommend at least some prison time. Giuttari is charged with wire fraud, theft of government property and filing false tax return, which carry a combined maximum sentence of $750,000 in fines and 33 years in prison. He will likely receive a far lighter sentence. Giuttari will be required to pay restitution to his victims, including the government, according to the agreement. Attorney John MacDonald, who's representing Giuttari, declined to comment Thursday. Federal investigators said Giuttari's scheme included him soliciting investors through "personal contacts and advertisements in The Wall Street Journal and other newspapers." He also "falsely represented his investment experience and success in an effort to woo investors," they added. After securing investors, he would inflate how much was owed, create false mortgage documents, forge signatures of borrowers and then placate "earlier investors and lenders by paying them back using new investor monies," according to the complaint. Federal investigators said there were more than 10 victims with a combined loss of between $3.5 million and $9.5 million, according to the plea agreement. In addition to defrauding investors, federal officials also accused Giuttari of using his limited-liability companies in 2020 to fraudulently secure Economic Injury Disaster Loans under the CARES Act. Congress created the program to support small businesses suffering from losses incurred due to shutdowns during the early months of the coronavirus pandemic. Investigators said Giuttari lied on his application for the loans by misrepresenting the finances and operations of his businesses. As a result, they said, he illegally obtained over $100,000 through the program and "spent those [funds] personally and to repay investors, including victim investors." Finally, federal investigators accused Giuttari of underreporting his income on tax documents in 2019, alleging Giuttari told the IRS his income was $22,176 when in fact it totaled at least $541,000. As a result, he owes the government about $140,000, according to his plea agreement. Giuttari "agrees that restitution is due and payable immediately after the judgment is entered and is subject to immediate enforcement, in full," federal officials wrote. Separately, a Target 12 review of hundreds of court records, mortgages and financial documents show Giuttari has personally been named as the defendant in at least 17 state cases. Over the years people have accused him of breaching contracts, enriching himself with their money and failing to make repayments even after judges have ordered him to do so. Eli Sherman ([email protected]) is a Target 12 investigative reporter for 12 News. Connect with him on Twitter and on Facebook. Tim White ([email protected]) is Target 12 managing editor and chief investigative reporter and host of Newsmakers for 12 News. Connect with him on Twitter and Facebook. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Daily Roundup SIGN UP NOW