PROVIDENCE – A Rhode Island woman has been charged in a $10 million fraud scheme, where she raised millions of dollars from investors, often family members, friends, and business associates, by misrepresenting projects and soliciting multiple bids for significantly more money than an individual project required.
Monique N. Brady, 44, owner and operator of MNB LLC, allegedly performed relatively menial tasks such as grass mowing, snow removal, boiler service, etc., for as little as $20, but represented the bids to investors as full-fledged rehabilitation projects costing tens or hundreds of thousands of dollars.
According to court documents, Brady often solicited multiple bids, primarily by email, for many of the projects. She also allegedly convinced investors to invest substantial amounts of money claiming she had been awarded Freddie Mac rehabilitation projects, when in fact the projects were associated with real estate entities other than Freddie Mac.
A review of bank and other financial records revealed that Brady allegedly received approximately $10,076,291 in investments from thirty-two individuals based on numerous false and fraudulent representations. Many of these investors had close and personal relationships with Brady, including close friends, her step-brother and the former nanny for her children.
As part of the scheme, Brady often paid back some of the money she received from one investor with monies received from another. By the time the scheme ended after its discovery in the summer of 2018, twenty-three individuals had lost approximately $4,495,237 to Brady.
Monique Brady appeared today before U.S. District Court Magistrate Judge Lincoln D. Almond on a Criminal Complaint charging her with wire fraud.
The case is being prosecuted by Assistant U.S. Attorney Lee H. Vilker and Tax Division Trial Attorney Christopher P. O’Donnell.
A Criminal Complaint is merely an accusation. A defendant is presumed innocent unless and until proven guilty.
The charges against Monique Brady include wire fraud.
The crime occurred in Providence, Rhode Island.
The exact date of the crime is not specified in the source, but it is reported to have occurred in the summer of 2018.
Key Facts
- State: Rhode Island
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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