PROVIDENCE, R.I. (WPRI) — Accused fraudster Joseph Giuttari was arraigned Tuesday in federal court, where multiple people said he stole their life savings as part of an illegal investment scheme.
Giuttari has been charged with wire fraud, stealing government property and filing a false tax return. He has agreed to plead guilty and was released on bail under the condition that he not contact any victims or witnesses.
He must also stop accepting any new clients as he winds down and closes his brokerage firm, Hybrid Capital Group LLC. U.S. Magistrate Judge Patricia Sullivan ordered he notify his existing client base of the criminal charges against him and his businesses.
Giuttari, 62, entered the courtroom wearing a dark suit. He avoided making eye contact with victims in attendance, including Mike Pare, who openly wept when Guitari entered the room.
Pare attended the arraignment with his wife, Diane. They told Target 12 Giuttari stole their entire life savings and then their house after taking out mortgages on their property without their knowledge.