PROVIDENCE, R.I. (WPRI) — Prosecutors have reached a plea agreement with an East Greenwich woman accused of bilking investors out of millions of dollars in a real estate scheme.
According to court documents, Monique Brady agreed on Thursday to plead guilty to charges of wire fraud, aggravated identity theft, and obstructing an IRS investigation.
In exchange, a charge of money laundering and eight additional counts of wire fraud will be dismissed and the government will recommend a prison sentence within the offense level or the mandatory minimum, whichever is greater.
Brady, 44, is guaranteed prison time because the charge of aggravated identity theft comes with a mandatory minimum of two years behind bars.
Brady was indicted by a grand jury in April. Investigators said she “raised and pocketed millions of dollars from investors, including close friends, a family member, and business associates,” by asking them to invest in home improvement projects.
Brady allegedly promised to return a sizable profit to investors once the work was complete, according to prosecutors, but for the most part, that never happened.
The indictment states that between 2014 and 2018, Brady received approximately $10.2 million dollars from about 32 individuals and corporations. In all, the government says investors have lost $4.78 million in what prosecutors referred to as a “Ponzi scheme.”
Brady has been held in federal custody since the FBI learned she had purchased a one-way ticket to Vietnam. At a detention hearing last month, Brady’s attorney told the judge she was going to visit her ailing grandmother.