PROVIDENCE, R.I. (WLNE) — Acting United States Attorney Sara Miron Bloom said that a mortgage broker who an a Ponzi scheme with investor money that caused millions of dollars in losses was sentenced to federal prison and was ordered to pay restitution to his victims. Joseph Giuttari pled guilty i n October 2024 to charges of wire fraud, theft of government property, and filing a false tax return. Giuttari was the owner and operator of Hybrid Capital Group, LLC, THE FENS CO., LLC, and Realty Funding Advisors, LLC. Bloom said that the defendant would match borrowers seeking short-term loans with private lenders seeking secured investments in real estate, and would then have all or a portion of the money sent directly to him to be used personally. She added that Giuttari fraudulently obtained more than $160,000 in COVID-19 pandemic-related SBA loans, failed to pay more than $140,000 in taxes due the IRS, and the day after his guilty plea engaged in brokerage activities in violation of his condition of release. He was sentenced to 55 months of incarceration to be followed by three years of supervised release, as well as to pay a fine of $20,000 and to pay restitution to victims of his Ponzi scheme, to SBA loan programs, and to the IRS totaling $4,579,130.95. Categories: News, Rhode Island ...read more read less