Ponzi scheme leader sentenced to 8 years in federal prison, ordered to pay victims $4.8M

PROVIDENCE – Monique N. Brady of East Greenwich, perpetrator of a $10.3 million Ponzi scheme, was sentenced Tuesday to eight years in federal prison and ordered to pay back victims $4.8 million, according to the U.S. Attorney’s office in Rhode Island.

In July, Brady pleaded guilty to wire fraud, aggravated identity theft and obstructing an Internal Revenue Service investigation.

Brady was the owner and operator of MNB LLC, an East Greenwich business that specialized in preserving the condition of foreclosed properties and homes for resale. Brady solicited family, friends and business associates, fraudulently persuading them to invest in projects, claiming she had been awarded contracts for large-scale Freddie Mac rehabilitation projects. The work she actually performed for the projects that she was contracted for included mowing grass, changing locks, winterizing properties, boiler or electrical inspections, and snow removal.

Brady produced fraudulent emails, even impersonating an actual employee of a national property rehabilitation company, to convince investors that her projects were real. Of the 171 properties she solicited and received funds from investors for, 98 were properties that had not hired MNB for services.

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Her scheme was said to have lost 23 individuals a collective $4.8 million.

“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. Her conduct was reprehensible and heartbreaking,” said U.S. Attorney Aaron L. Weisman.

Brady also misrepresented the work that she had done on properties for which she was hired to provide services, with a majority of projects paying less than $1,000 per contract to her company. Brady then reported project costs of between $20,000 and $80,000 for subcontractor work to those who were deceived.

The U.S. Attorney’s office also noted that as the case proceeded towards federal indictment, Brady purchased a one-way flight to Vietnam. She was arrested a day before her scheduled departure.

“The nearly two dozen people Monique Brady defrauded of millions included family, first responders, neighbors, childhood pals, and elders in the grips of dementia – people who trusted her to invest their life savings, only to be left with empty bank accounts and grief,” said Joseph R. Bonavolonta, special agent in charge of the Boston division of the FBI. “We at the FBI hope the victims find some measure of comfort in today’s sentence. “