He created a fake company called International Managers Trust and promised his victims a 50 per cent return on their money over a 12 month period, by investing in a secretive fund which traded in foreign exchange of currency.
If the victims expressed doubts, Cutten would show them "piles" of fictitious investment statements in his name to prove the exorbitant returns promised by IMT.
Cutten also warned his victims about numerous fraudsters promising profits under similar schemes.
After gaining their trust - and money - Cutten sent each victim fake ANZ bank receipts and fake IMT deposit certificates, until one investor became suspicious and asked to withdraw his money.
Cutten then forged another document, purportedly from the chairman of IMT, Lord St John from the House of Lords, to tell the troubled investor that his money was frozen in a "terrorist finance tracking investigation".
In July 2009, a second investor Barbara Charnley became suspicious and challenged Cutten about IMT before approaching the "Fair Go" television show and the police
A few months later, Cutten returned to give Ms Charnley $16,000 in cash - but only if she retracted her complaints.
The promise of cash led to the charge of attempting to pervert the course of justice.
The first investor to become suspicious, who asked to not be named, said Cutten was "toast".
"He's inside, he's in jail. He's not going to have a happy Christmas, put it that way."
Asked why Cutten took so long to plead guilty - nearly two years after being charged in December 2009 - the victim said: "He's not of sound mind".
"He's an idiot. He doesn't think like you or I. But he's inside prison now, so it's wonderful news."
