Investment Advisor Headed to Prison After Alleged Securities Fraud
Renee Marie Brown, 48, was recently sentenced for her involvement with an alleged investment scam that took $750,000 from investors. Brown was an investment advisor and a partner in Wildwood Wealth Management. Although Brown had previously pleaded not guilty to 11 counts of securities fraud, money laundering, and wire fraud in May 2011, she later pleaded guilty to one count of wire fraud as part of a plea deal.
According to prosecutors, Brown offered annual returns of 8% to 9% to her clients on a bond fund called “Fund X.” Unfortunately, prosecutors believe that Brown failed to invest any of the cash taken in, and instead used investors’ cash to fund her own personal luxuries, including a $500,000 condominium.
Brown’s attorney asked for leniency in Brown’s sentencing since investors have already been paid back, but prosecutors pointed out that it was actually Brown’s partners who paid back what was owed to investors. Brown also allegedly attempted initially to mislead the court with a false name and attempted to lie to investors about the losses. Brown was ultimately sentenced to four years in prison and will have to pay restitution of $618,000. Of that, $599,000 will be paid to her partners at Wildwood Wealth Management who compensated the harmed investors.
The securities fraud lawyers with Meyer Wilson are available to represent investors nationwide in stockbroker mediation, arbitration, and litigation. We have over 50 years of collective experience helping harmed investors pursue loss recovery, and we look forward to speaking with you.