East Greenwich Woman Accused Of Stealing $10M In Real Estate Scam

PROVIDENCE, RI — An East Greenwich woman is facing federal charges after being accused of stealing $10 million in a real estate scam. Monique Brady, 44, is charged with fraud after she misrepresented projects for personal gain.

Brady, who runs a business that specializes in foreclosed homes, is accused of sending fraudulent bids for home improvement projects, claiming she needed tens of thousands of dollars for otherwise menial, inexpensive tasks such as yard work, snow removal and boiler service by saying they were massive renovations. According to the Rhode Island U.S. Attorney's Office, Brady solicited several bids for projects, usually by email, promising investors a 50 percent return of the profit on the houses.

Financial records show Brady received more than $10 million from 32 investors, the U.S. Attorney's office continued, often falsely claiming that she had been awarded Freddie Mac rehabilitation projects. Most of the investors had personal relationship with her, including her stepbrother, former nanny to her children and other close friends. Many of these investors suffered serious financial consequences as a result of the scam, including an elderly woman who lost nearly all her savings and another elderly man with Alzheimer's who lost all of his life savings.

Following a common move for scammers, Brady frequently paid back small amounts to investors using funds from other investors, providing credibility and solidifying their trust. By the time federal investigators discovered the scam, 23 people lost nearly $5 million to her.

Brady was arraigned in U.S. district court on Friday, where she was charged with wire fraud.