Joseph Giuttari, a Rhode Island mortgage broker and owner of Hybrid Capital Group, LLC; THE FENS CO., LLC; and Realty Funding Advisors, LLC, pleaded guilty today to defrauding investors of over $1.5 million, as reported by the U.S. Attorney’s Office for the District of Rhode Island. He admitted to a scheme that misappropriated investor funds to repay previous investors, finance international ventures, and cover personal expenses.
Prosecutors stated that Giuttari falsely claimed extensive investment experience to attract investors, misrepresented loan details, inflated borrower debts, and created fraudulent promissory notes and real estate documents using forged signatures. In addition, Giuttari reportedly applied for Economic Injury Disaster Loans (EIDL) during the COVID-19 pandemic, obtaining more than $160,000 by claiming his businesses did not participate in lending or investments.
Giuttari also admitted in court to underreporting his 2019 income, stating it as $22,176, while records show his actual income exceeded $541,000. At sentencing, scheduled for January 30, 2025, the government plans to present an estimated loss linked to his actions, which could total between $3.5 million and $9.5 million.