Monique Brady, Owner of MNB LLC Charged with Fraud | Goodman & Nekvasil P.A. May Recover Investor Losses
Monique Brady, Owner of MNB LLC Charged with Fraud
ACCORDING TO THE FBI AFFIDAVIT:
Monique Brady owns and operates MNB LLC, a schedule C business that performs preservation work on bank-owned foreclosed homes for resale.
According to the Affidavit, most of the preservation projects secured by MNB are for relatively small dollar amounts, from as low as $25 to a few hundred dollars. Nonetheless, BRADY raises large sums of capital from investors. BRADY does so by misrepresenting to investors that she needs to pay subcontractors tens of thousands of dollars and that the profit would be split between her and the investors. BRADY solicits investments from friends, family members and business associates, often via email, to fund the projects with the promise the investor will receive fifty percent of the profit.
Evidence indicates that BRADY fraudulently obtained more than $10 million from investors that she fraudulently claimed was necessary to fund large scale rehabilitation projects during the years in question. Brady acquired these funds through the acceptance of multiple bids for the same project, by misrepresenting projects for menial tasks as higher-dollar projects and by soliciting investments on properties on which MNB did not perform any work whatsoever.
BRADY misrepresented projects and solicited significantly more money than an individual project required. BRADY performed relatively menial tasks at some locations for relatively little money. Menial tasks included snow removal, electrical inspections or boiler inspections. She presented the bids for the menial tasks to investors as full-fledged rehabilitation projects, thereby acquiring upwards of tens-of-thousands of dollars more than the project required. For example, an invoice dated June 27, 2016, Brady bills $450 for electrical and boiler inspections for a property at 41 Long Street, Warwick, RI. In October of 2016, Brady sent an email to an investor detailing a project at that same address for $28,855. Brady only received $1,175 in income for the Long Street project.
BRADY also solicited investments from investors for projects that did not exist. Agents have noted numerous instances where BRADY emailed prospective investors that she had been awarded a rehabilitation project by Freddie Mac. Freddie Mac’s records show no evidence of BRADY being awarded these projects. In other instances, BRADY told investors that projects she actually had been awarded were Freddie Mac projects. In reality, 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 solicitation.
A review of bank and other financial records reveals that BRADY received approximately $10,076,291 in investments from 32 individuals based on numerous false and fraudulent representations. Many of these investors had very close and personal relationships with BRADY, including close friends, her step-brother and the former nanny for her children. Numerous of the investors suffered substantial harm as a result of 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. As part of the scheme, 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 discover in the summer of 2018, twenty-three individuals had lost approximately $4,495,237 to Brady.
MNB LLC Investors May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in MNB LLC, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses in MNB LLC and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.