PROVIDENCE – In a stunning turn of events, Monique N. Brady, the owner and operator of MNB LLC, has been hit with a 14-count federal indictment for her alleged role in an elaborate scheme to defraud investors out of millions. Brady, whose business specialized in preserving foreclosed homes for resale, is charged with nine counts of wire fraud, two counts of aggravated identity theft, one count each of money laundering, structuring, and obstructing an Internal Revenue Service investigation.
According to the indictment, Brady raised and pocketed millions from investors, falsely claiming that she needed tens of thousands of dollars for repair projects. She promised investors a return of fifty percent of the profit, but in reality, little to no work was done on many properties. From January 2014 to July 2018, Brady received approximately $10.2 million from about 32 individuals and corporations, with investor losses totaling around $4.78 million.
Brady is accused of misrepresenting MNB’s involvement in large-scale rehabilitation projects across multiple states and using fraudulent emails to bolster her claims. She also reportedly solicited investments for the same property multiple times, a practice that has drawn comparisons to a Ponzi scheme. Some investor funds were even spent on personal expenses like vacations and mortgage payments.
In an attempt to thwart an IRS investigation, Brady is alleged to have asked investors to delete or destroy any correspondence related to their investments in MNB. The charges against her carry severe penalties, with each wire fraud charge potentially resulting in up to 20 years in prison and a fine of up to $250,000.
Brady’s case serves as a stark reminder of the lengths some will go to exploit the trust of investors and highlights the importance of thorough due diligence when considering investment opportunities.
Related Federal Cases
- Monique N. Brady Charged in $10M Foreclosure Fraud Scheme · Rhode Island
- NY Man Charged in $8M Fraud & Money Laundering Scam · Rhode Island
- Nigerian Scammers Indicted for Money Laundering · Rhode Island
- Cambridge Man Jailed for $40K Diary Fraud · Massachusetts
- Election Fraud Task Force Stands Ready in Rhode Island · Rhode Island
Key Facts
- State: Rhode Island
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption
- Source: Official Source ↗
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