Feds: Woman pleads guilty in fraudulent real estate scheme
PROVIDENCE, R.I. (AP) — A Rhode Island woman has pleaded guilty in what federal prosecutors say was a $10.3 million real estate scheme that defrauded investors, including friends and family members.
The U.S. Attorney’s office says 44-year-old Monique Brady, of East Greenwich, entered guilty pleas Thursday to charges of wire fraud, aggravated identity theft, and obstructing an IRS investigation.
Prosecutors said Brady told investors her company had contracts for large-scale rehabilitation work on foreclosed properties in Rhode Island, Connecticut, Massachusetts and New Hampshire.
In reality, prosecutors said Brady’s firm was often hired by banks for small tasks like mowing grass or changing locks, and did no work on 98 of 171 projects for which she solicited investor funds.
Among those defrauded were childhood friends, a stepbrother and a man with Alzheimer’s disease.
Sentencing will be in October.