East Greenwich Woman Charged in $10 Million Real Estate Fraud Scheme

East Greenwich Woman Charged in $10 Million Real Estate Fraud Scheme

An East Greenwich woman whose business specialized in preserving the current condition of foreclosed homes for resale was charged in a fraud scheme of more than $10 million. Numerous investors suffered substantial harm, as a result, Monique Brady’s fraudulent conduct, including an elderly woman who lost nearly all of her life savings and another elderly man with Alzheimer’s disease who lost his life savings to Brady.

Brady of East Greenwich was charged with wire fraud on Friday at U.S. District Court in Providence.

The Investigation

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According to Court documents, it is alleged that Brady, 44, misrepresented projects and solicited multiple bids for significantly more money than an individual project required.

Brady performed relatively menial tasks such as grass mowing, snow removal, boiler service, etc., for as little as $20, but represented the bids to investors as full-fledged rehabilitation projects costing tens or hundreds of thousands of dollars. An investigation determined that Brady often solicited multiple bids, primarily by email, for many of the projects.

It is alleged that Brady, owner, and operator of MNB LLC, often convinced investors to invest substantial amounts of money claiming she had been awarded Freddie Mac rehabilitation projects, when in fact the projects were associated with real estate entities other than Freddie Mac. The evidence suggests Brady used the Freddie Mac name to provide more credibility to her fraudulent solicitations. 

A review of bank and other financial records revealed that Brady allegedly received $10,076,291 in investments from thirty-two individuals based on numerous false and fraudulent representations. Many of these investors had close and personal relationships with Brady, including close friends, her step-brother and the former nanny for her children. 

As part of the scheme, it is alleged that Brady often paid back some of the money she received from one investor with monies received from another. By the time the scheme ended after its discovery in the summer of 2018, twenty-three individuals had lost approximately $4,495,237 to Brady.