Indicted Rhode Island Property Preservationist Monique Brady Gets 8 Years Prison For $10.3 Million Scam
Rhode Island property preservationist Monique Brady will spend the next eight years in prison. Brady admitted last year that she used the business to defraud dozens of individuals. She pocketed nearly $10.3 million out of what amounted to a Ponzi scheme.
The Department of Justice states Brady operated a property preservation company called MNB.
Brady used MNB to solicit private investors to invest funds for large scale rehabilitation projects. She promised that investors would receive half of the profits.
Brady also admitted she told potential investors she had secured contracts to perform large-scale rehab projects on foreclosed properties across New England.
additionally, Brady admitted to attempting to obstruct an IRS criminal investigation by asking investors to delete or destroy all email correspondence, texts, and documents relating to their investments in MNB rehabilitation projects.
How The Fast Talking Rhode Island Property Preservationist Pocketed $10Million
The Rhode Island Property Preservationist often solicited and received multiple investment payments for the same property. Brady provided faked emails giving the appearance she had contracts with a national property rehabilitation company.
Brady also included the identity of an actual employee of the national company to make the emails appear authentic.
Court documents also indicate her company was never hired to preserve 98 of the 171 properties Brady solicited and received money on,
Brady promised 31 investors a 50% return of the profit. Many investors received little or no return on their investment. Federal authorities discovered the scheme in summer 2018. In total, she scammed 22 individuals of $4.78M.
Brady admitted that she defrauded close friends including a friend from law school and her step-brother, She also conned the nanny to her children and three Warwick firefighters. She also scammed an elderly man with Alzheimer’s disease.
Brady faced a punishment of up to 20 years in prison for wire fraud and up to five years of supervised release. She is also facing a fine of up to $250,000 or twice the gross profit/loss.
She is also looking at going to prison for up to three years in prison and one year supervised release for obstructing an IRS investigation.
Brady also admitted to aggravated identity theft. She is looking at a two-year mandatory sentence consecutive to any other sentence imposed in this matter and one year of supervised release.
In addition to the term of imprisonment, U.S. District Court Judge John J. McConnell Jr. ordered Brady to serve three years of supervised release and to pay $4.78 million in restitution.
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Rhode Island Property Preservationist Busted In $10 Million Scam
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