Community Corner
Golden Valley Woman Pleads Guilty to Fraud
According to the U.S. Attorney's Office, a local investment adviser pleaded guilty to fraud.
A Golden Valley investment adviser pleaded guilty to defrauding investors out $1.1 million.
According to the U.S. Attorney’s Office, Renee Marie Brown, 48, created an investment company, Investment Income Fund X, and encouraged people to buy fake bonds that she claimed had a return rate of eight to nine percent.
Brown contacted investors by phone and email and according to a press release, she told potential clients she had invested her own money in the bonds. In truth, Brown never invested her own funds.
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She collected more than one million dollars over the course of two years and, according to earlier reports, Brown used at least half of the money for personal use, which included buying a condo and paying credit card bills.
Brown was caught in May 2011 and indicted on charges of securities fraud, wire fraud and money laundering.
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According to the U.S. Attorney’s Office, Brown faces a potential of 20 years in prison and will be sentenced at a later date.