East Greenwich Woman Sentenced To 8 Years In Ponzi Scheme

EAST GREENWICH, RI — An East Greenwich woman who pleaded guilty to scamming family and friends out of nearly $5 million was sentenced to eight years in prison in federal court on Tuesday. Monique Brady was charged with wire fraud, obstruction of justice and identity theft as part of what the U.S. Attorney's Office called a Ponzi scheme to help finance an extravagant lifestyle that included a $1 million home, expensive trips abroad, Super Bowls and a collection of Louis Vuitton shoes.

Brady pleaded guilty last July and was sentenced after victim impact statements Tuesday morning in U.S. District Court in Providence. Prosecutors were asking for more than 10 years in prison due to Brady's lack of remorse for her actions and "the insidious nature of the defendant's long term fraud scheme."

"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 United States Attorney Aaron L. Weisman.

Among the victims Brady confessed to scamming were a close friend from childhood, a friend from law school, a childcare provider for her children, an elderly Alzheimer's patient, her step-brother and three firefighters in the same city where her now ex-husband is a firefighter.

"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 FBI Boston Division. "We at the FBI hope the victims find some measure of comfort in today's sentence."

Prosecutors said Brady got families and friends to invest in nearly 100 renovation and cleanup projects that turned out to be fabricated. The U.S. Attorney's Office said she operated a $10.3 million scheme and was sentenced for bilking 23 identified victims out of $4.8 million.

Prosecutors said Brady purchased a one-way ticket to Vietnam as investigators closed in on an indictment, then was arrested when one day before her scheduled flight after she moved up the date of her departure.

"I commend the hard work of investigators from IRS Criminal Investigation and FBI who put a stop to Monique Brady and her schemes, and the prosecution team of attorneys from our office
and from the Department of Justice's tax division that held her accountable," Weisman said. "I hope the significant sentence imposed today by Chief Judge McConnell will bring some measure of justice to the many victims of Monique Brady."

Brady ran a business that specialized in foreclosed homes. She sent fraudulent bids for home improvement projects where she sought thousands of dollars for various, low-cost tasks such as grounds work and snow removal. She promised investors and 50 percent return of the profit on the homes, but most investors received little or no return.

She then fabricated documents from a national property rehabilitation company claiming the contracts were approved and the work was being done.

“Monique Brady operated a multi-year scheme in which her victims included some of her closest friends, a relative, and many others with whom she had community ties. Equally disturbing
to the scheme is Brady's attempt to cover her misdeeds by asking those same victims to delete and destroy the very evidence that would eventually lead to her prosecution." said Special Agent in Charge Kristina O'Connell. "Though Brady’s victims have suffered both financial and emotional losses, I hope that today's sentencing leaves them comforted by the fact that justice has been served."

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