PROVIDENCE, R.I. (WPRI) — The Cranston businessman who admitted to fleecing investors out of millions of dollars is likely to be sentenced to just over four years behind bars, according to new court documents. Joseph Giuttari, 63, is scheduled to be sentenced Thursday at Rhode Island U.S. Distr ict Court in Providence. As part of a plea agreement he reached last year with federal prosecutors, Giuttari pleaded guilty to wire fraud, theft of government property and filing a false tax return. According to federal sentencing guidelines, Giuttari is facing a minimum of four years and three months to a maximum of five years and three months in prison. The Rhode Island U.S. District Attorney's Office has recommended the minimum sentence, according to court documents filed Wednesday. BACKGROUND: Feds accuse Joseph Giuttari of scamming investors, stealing COVID money John MacDonald, an attorney representing Giuttari, told Target 12 he's recommending the same. Rhode Island U.S. District Judge Melissa DuBose is slated to hand down a final decision Thursday. As Target 12 first reported last year, Giuttari's illegal investment scheme spanned several years and ultimately drew the attention of law enforcement, including the FBI. Giuttari acted as an investment broker, connecting would-be investors to people seeking mortgages, and he'd promise the investors high rates of return, according to court documents. ‘So many people have been hurt’: FBI investigating RI man’s investment scheme After gaining their trust, however, Giuttari would solicit even larger investments only to use the funds personally or to repay other investors, according to court documents. "As the scheme grew, Giuttari missed more and more loan repayments, and the loans that he had brokered became overdue," Assistant U.S. Attorney Sandra Hebert wrote in court documents. "He offered the investors false excuses and reasons for delay, always promising a payout in the future," she added. "When the investors became desperate, Giuttari would appease them with a small payment, often in cash." ‘I hope he rots in jail’: Victims speak out at arraignment of accused RI fraudster Prosecutors said they were prepared to prove at trial that Giuttari stole at least $4.2 million from upward of 10 investors, according to court documents. He began negotiating with the U.S. Attorney's Office after law enforcement raided his home and office in August 2023. "The law enforcement action, however, did not stop Giuttari," Hebert wrote, outlining how investigators later learned a victim lost additional funds to Giuttari a month after the raids. When he eventually pleaded guilty on Oct. 31, 2024, prosecutors said he violated the conditions of his bail the following day when he brokered two new loans with a borrower and pitched a new investment opportunity. A federal judge found Giuttari guilty of violating his bail conditions in December and he was ordered to be held at the Wyatt Detention Facility until at least his sentencing. "Giuttari's conduct to date suggests that specific, as well as general deterrence, is needed in this case," Hebert wrote. Beyond the investment scheme, Giuttari admitted to fraudulently obtaining a $160,000 loan from the U.S. Small Business Administration through its pandemic-era Economic Injury Disaster Loan. He also admitted to filing false returns for tax years 2018 and 2019. "After that, he quit filing returns altogether," Hebert wrote. Eli Sherman (esherman@wpri.com) is a Target 12 investigative reporter for 12 News. Connect with him on Twitter and on Facebook. Tim White (twhite@wpri.com) is Target 12 managing editor and chief investigative reporter and host of Newsmakers for 12 News. Connect with him on Twitter and Facebook. Download the WPRI 12 and Pinpoint Weather 12 apps to get breaking news and weather alerts. Watch 12 News Now on WPRI.com or with the new 12+ smart TV app. Follow us on social media:                     Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Daily Roundup SIGN UP NOW ...read more read less