Monique Brady, of Lenihan Lane in East Greenwich, pleaded not guilty in Federal Court Thursday to charges of wire fraud, identity theft, money laundering and obstruction, in connection to a real estate scheme that targeted family members, friends, and business associates and, according to the Rhode Island U.S Attorney, netted her $4.7 million.
Brady got people to invest in her company, MNB LLC by telling them she was restoring foreclosed properties in Rhode Island, Connecticut, Massachusetts and New Hampshire, and promising a 50 percent return on investment. According to the U.S. Attorney’s office, Brady forwarded to her investors fraudulent emails purporting to be from a national property rehabilitation company that claimed Brady had been approved to rehab a property.
The U.S. Attorney’s office said from January 2014 to July 2018, Brady received approximately $10.2 million dollars in investments from about 32 individuals and corporations to whom she fraudulently represented that large-scale rehabilitation projects had been awarded to MNB.
Because the judge ruled earlier this month Brady posed a flight risk, Brady is being held pending trial.
If found guilty, Brady could face significant time in prison. Each of the nine wire fraud charge carries statutory penalties of up to 20 years in prison, up to 5 years supervised release, and a fine of up to $250,000 or twice the gross profit/loss. Aggravated identity theft (two counts) is punishable by statutory penalties of a 2-year mandatory sentence consecutive to any other sentence imposed and 1 year of supervised release. Money laundering (one count) is punishable by statutory penalties of up to 10 years imprisonment, 3 years supervised release, and a fine of up to $250,000. Structuring (one count) is punishable by statutory penalties of up to 5 years imprisonment, 3 years supervised release, and a fine of up to $250,000. Obstructing an IRS investigation (one count) is punishable by statutory penalties of up to 3 years in prison, 1 year supervised release, and a fine of $5,000.