Man accused of $20,000 theft

SARASOTA - A felon convinced a Sarasota couple that he was a currency trader last month and took $20,000 of their investment money, police said.

Police arrested Joseph J. Italiano, 56, on a grand theft charge Tuesday, two years and one day after he was released from federal prison for a wire fraud scheme.

Italiano pretended to be affiliated with a fake company called CFX and showed the couple, Richard and Judith Anzalone, a document illustrating how their money would compound and double weekly, police said.

The Anzalones went to police after becoming suspicious and checking into Italiano's background. Investigators found that Italiano deposited the couple's money in his overdrawn bank account and made large payments to his personal creditors.

In February 2004, Italiano was sentenced to 41 months in prison and $4.5 million restitution with a co-defendant, federal court records state.