PROVIDENCE, R.I. (WPRI) -- A federal judge on Tuesday ordered Joseph Giuttari to be held without bail until his sentencing next month, saying she couldn't trust the accused fraudster after he continued to broker loan deals and then lied about them in violation of the conditions of his release.

Giuttari, 62, of Cranston, pleaded guilty in October to running an investment scheme that defrauded several people of millions of dollars, along with stealing government property and lying on a tax return.

He was originally released until sentencing under several court-ordered conditions, including he not broker any new financial deals and that he truthfully communicate his activities to his pre-sentencing court supervisor.

Federal prosecutors returned to the court last month, alleging Giuttari quickly violated those conditions one day after pleading guilty. Prosecutors said they had learned he helped an investor close on two new loans, earning him a broker's fee of nearly $15,000.

On Tuesday a U.S. marshal led a handcuffed Giuttari back into the courtroom. Giuttari was wearing a beige prison jumpsuit and looked disheveled compared to previous court appearances when he’d been clean-shaven and wore neatly pressed suits.

Prosecutors said he then pitched the same investor on a new loan opportunity, and he never disclosed any of that information to his court supervisor, even after being asked specifically about any new deal-making.

U.S. Magistrate Judge Patricia Sullivan last week ordered to temporarily detain Giuttari, giving him and his attorney some time to prepare an argument in his defense.

On Tuesday, Giuttari admitted to the allegations that he'd violated conditions of his release. But his defense attorney, John MacDonald, said Giuttari should be released until his sentencing.

MacDonald said Giuttari was willing to comply with additional conditions, including immediately giving up all of his other, ongoing investment deals that he'd been ordered to wind-down as part of his pre-sentencing release.

"The five or so days he's spent away from his family has been a tremendous wake-up call," MacDonald said, adding that the two loans Giuttari helped close on Nov. 1 had been in the works for months and he hadn't considered them to be new.

MacDonald called the violations "sins of omission," highlighting that there were no new allegations of fraud, and said Giuttari was willing to overreport his activities to his court supervisor moving forward if he could remain out of jail.

"If the court wants him completely out of the brokerage business -- he's prepared to do that," MacDonald said. "He has a limited amount of time before sentencing that he wants to spend with his family and comply with the plea agreement, and I'm hopeful that this court will give him that opportunity."

Assistant U.S. Attorney Sandra Hebert sharply disagreed, however, saying Giuttari has proven nothing other that he can't stay away from soliciting new deals or stop lying to federal officials.

"I don't know if it's the money is too good, or it's hubris, but he couldn't help himself," Hebert said. "We can't trust him. We cannot trust somebody that has plead guilty to a scheme involving lies, and he's continued to tell lies."

Sullivan sided with Hebert, ordering Giuttari to be held as a bail violator until his sentencing on Jan. 30, saying Giuttari's violations created a "profound trust problem" with her and the court.

Sullivan said she was concerned Giuttari could have more deals out there that he's not disclosing, and that prosecutors only "stumbled on" the most recent loans because the investor came forward to law enforcement.

“Why do I believe him now?” Sullivan said, adding that was a serious problem for her and that trust was, “absolutely essential to conditions in a case like this.”

Following her decision, MacDonald said he would discuss with Giutarri whether they would appeal the ruling.

Target 12 first revealed Giuttari’s investment scheme publicly in October. Two days after the report came out, Rhode Island U.S. Attorney Zachary Cunha’s office filed the criminal charges and Giuttari signed a plea agreement.

Federal officials accused Giuttari of initially lulling investors into lending or borrowing money with him for short-term real estate deals. The scheme began in 2015 and continued through last year, according to court documents.

Federal investigators said there were more than 10 victims with a combined loss of between $3.5 million and $9.5 million. They said Giuttari would use the funds for personal gain or to pay back other investors.

On Tuesday, Giuttari was handcuffed by a U.S. marshal and he was slated to return to Wyatt Detention Facility in Central Falls.

"With the situation we're in, he should not have a second chance with this," Hebert said in court. "There's just too much at stake. It's too big a risk."

Tim White contributed to this report.