East Greenwich woman charged in $10 million wire fraud case
By News Staff
EAST GREENWICH, R.I. (WLNE) – An East Greenwich woman has been charged in a $10 million wire fraud scheme after duping investors in what appears to be a “ponzi” style scheme.
According to court documents, Monique N. Brady, 44, misrepresented projects and inflated costs while operating a business specializing in flipping and reselling foreclosed homes.
As the owner of real estate business MNB LLC, Brady encouraged investors, many of whom were family and friends, to invest in her business, raising more than $10 million from 32 investors.
Brady told investors she needed to raise tens of thousands of dollars for various repair projects between the properties. Investors were promised a fifty percent split of the profit.
Brady often paid back portions of the money she received from one investor with funds received from other investors. By the time the scheme ended, 23 investors had lost approximately $4.5 million.
Brady appeared in U.S. District Court in Providence Friday and was charged with wire fraud.
©WLNE-TV / ABC6 2019