A former Brighton resident and his son have been convicted of using
free lunch seminarsand false promises to defraud investors in a $50 million real estate investment
According to the evidence presented at trial, John Bravata and Antonio
Bravata fraudulently obtained more than $50 million in investments in
their company, “BBC Equities,” through the use of false statements and
misrepresentation. Specifically, they falsely promised investors that their principal investments
would be guaranteed against loss and that they would receive high interest returns.
Bravatasalso used free lunch seminars to scam new investments from retirees. In addition to falsely promising
high returns and guaranteed principal, the Bravatas falsely stated that they would
not get paid unless BBC Equities made a profit and that they wouldn’t
charge any fees or take any commissions on the investments.
Investors in the company believed their funds were going toward safe real
estate investments. Instead, the Bravatas stole a large portion of the
investors’ money and used it to support their lavish lifestyles.
More than 500 investors lost approximately $50 million in the scheme, according
to the U.S. Attorney’s Office for the Eastern District of Michigan
said. For many, the losses represented their life savings.
John Bravata was convicted of conspiracy to commit mail and wire fraud
and 15 counts of wire fraud. Antonio Bravata was convicted of conspiracy
to commit mail and wire fraud. Each count carries a potential penalty
of 20 years in prison. The Bravatas will be sentenced on June 18. For
additional information on the
Bravata real estate investment fraud case, click here.