Monique N. Brady, Ponzi Scheme, Rhode Island 2023
A Rhode Island businesswoman who operated a $10.3 million Ponzi scheme to finance an extravagant lifestyle has been sentenced to 8 years in federal prison.
Monique N. Brady, 45, was sentenced in U.S. District Court in Providence today to 8 years in federal prison and ordered to pay back her victims a total of $4.78 million.
Brady, whose company, MNB, specialized in preserving the condition of foreclosed homes for resale, admitted to the court that she had defrauded close friends, family members, and business associates.
As part of the scheme, Brady told investors that her company had secured contracts to perform large scale rehabilitation projects on foreclosed properties in Rhode Island, Connecticut, Massachusetts, and New Hampshire.
However, in reality, MNB was hired by banks to perform menial tasks such as mowing grass, changing locks, winterizing properties, boiler or electrical inspections, and snow removal. The majority of projects secured by MNB were for less than $1,000.
Brady provided fraudulent emails to potential investors, purporting to be from a national property rehabilitation company, in an attempt to make the scheme appear legitimate.
By the time the scheme ended after its discovery in the summer of 2018, 23 individuals had lost approximately $4.8 million to Brady.
"Monique Brady took advantage of the trust many, many people put in her, with total disregard for the path of personal pain and financial ruin she left behind," said United States Attorney Aaron L. Weisman.
The investigation was led by the Internal Revenue Service Criminal Investigation and the FBI.
Defendant: Monique N. Brady
Criminal Charges: Operating a Ponzi Scheme
City: Providence, Rhode Island
Date: 2023
Sentence: 8 years in federal prison and ordered to pay back $4.78 million
Amount Lost: $4.8 million
Key Facts
- State: Rhode Island
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →