White Plains Financial Advisor Accused Of Embezzlement

WHITE PLAINS, NY — A White Plains financial adviser was accused of embezzling more than a half million dollars from people who asked trusted him with their money.

Audrey Strauss, the acting United States Attorney for the Southern District of New York, said Thursday Gregg Brie, 53, of White Plains, was arrested and charged with securities fraud and wire fraud.

She said Brie embezzled more than $640,000 from two victims who had entrusted money to him for investment.

"As alleged, Gregg Brie stole money so he could live a lavish lifestyle," Strauss said. "This office is committed to rooting out fraudulent investments in order to preserve the integrity of our capital markets."

According to prosecutors, Brie stole money from two victims, both of whom lived in his White Plains apartment complex.

The first person, a disabled man on a fixed income and confined to a wheelchair, was advised by him to buy shares in Alaska Air Group, Inc.

Bank records show that the man gave Brie more than $480,000. Brie told him that he had opened accounts for him at a brokerage firm and that his stock had increased in value to about $8 million.

When the man asked for his money, he was told the accounts were frozen because stockholders had done something "sketchy" in order to buy the shares at a lower price, authorities said.

Prosecutors said, when the man tried to contact the brokerage firm, Brie told him he would murder him if the man attempted to call the firm again. The threat was repeated at least two more times, with the additional information that threats were meant to be taken literally.

The second victim made three loans to Brie totaling about $157,000 for the purpose of "producing and distributing a proprietary, composite unimold commode for use within indigent venues of the African nation of Uganda," according to the U.S. attorney's office.

The money he embezzled from his victims was spent primarily on credit cards and a lease for a Mercedes Benz, the FBI's analysis showed.

Prosecutors said the evidence showed there was no brokerage account.

Brie faces a maximum sentence of 25 years in prison on the securities fraud count and 20 years on the wire fraud count.

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