Monique Brady, 44, of East Greenwich, admitted in federal court Thursday that she used her property preservation company, MNB, to obtain money from friends, business associates and family members in a $10.3 million Ponzi scheme.

Brady, who had lived on Lenihan Lane with her husband and children during the years she conducted the illegal activity, from 2014 to 2018, pleaded guilty to fraudulently attracting potential investors with stories of large-scale rehab projects on foreclosed properties in Rhode Island, Connecticut, Massachusetts and New Hampshire. Brady said investments of as much as $80,000 were need to pay for the rehab work while in truth that work was done for less than $1,000, sometimes far less. 

According to the Rhode Island U.S. Attorney’s office, Brady solicited and received money for 171 properties on which no work was performed. 

Brady admitted defrauding close friends and associates, including a woman who worked as a caregiver to her children, three Warwick firefighters, and a man with Alzheimer’s disease.

Before U.S. District Court Judge John J. McConnell, Jr., Brady pleaded guilty to wire fraud, aggravated identity theft, and obstructing an IRS investigation. 

Brady remains in federal custody after she was deemed a flight risk. Her sentencing is scheduled for Oct. 4. She could serve between 2 and 20 years in prison. 

Previous stories about Brady: 

Brady Pleads Not Guilty in Real Estate Scam

Citing Flight Risk, Judge Orders EG Woman Held 

Rash of Ponzi Schemes with EG Connections: What Gives?