PROVIDENCE, R.I. (WPRI) — A Cranston man accused of defrauding investors out of millions of dollars admitted guilt to a federal judge on Thursday. U.S. Attorney Zachary Cunha announced Joseph Giuttari, 62, pleaded guilty to charges of wire fraud, theft of government property and filing a false tax return. A recent Target 12 review of hundreds of pages of court documents, land records and financial documents, along with interviews with five people who said they did business with Giuttari, revealed the Cranston man allegedly duped at least two dozen people out of millions of dollars over the past two decades. Cunha said that Giuttari admitted he misappropriated more than $1.5 million of investors' funds by using the money to repay earlier investors, support his own international investment opportunities and to cover his own personal expenses. John MacDonald, a criminal defense attorney who is representing Giuttari, told Target 12 his client "took the first step in accepting responsibility for his actions in this matter." "He is truly remorseful for his actions and looks forward to addressing both the court and the victims of these crimes at sentencing," MacDonald added. Cunha said that in an effort to persuade new investors, Giuttari falsely misrepresented his investment experience and success. TARGET 12: FBI investigating RI man’s investment scheme As part of his scheme, Cunha said Giuttari allegedly misrepresented how much money a borrower was interested in obtaining, lied about documents being in place to secure investment funds, inflated how much borrowers owed, used borrowers’ names without their authorization to obtain funds from investors, and that he also created fake documents with forged signatures of borrowers. "Court documents reflect that at sentencing the government will show that the amount of loss attributable to the defendant is between $3,500,000 and $9,500,000," Cunha said. Additionally, Cunha said Giuttari admitted that he filed fraudulent applications seeking COVID-19 pandemic Economic Injury Disaster Loans for two of his businesses. Cunha said Giuttari also failed to accurately report a total income of more than $540,000 on his 2019 tax returns. He admitted in court he falsely stated his total income was $22,176, when it was at least $541,000. Giuttari is scheduled to be sentenced on Jan. 30, 2025. Alexandra Leslie ([email protected]) is a Target 12 investigative reporter covering Providence and more for 12 News. Connect with her on Twitter and on Facebook. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Daily Roundup SIGN UP NOW