WHITE PLAINS – A White Plains investment advisor was sentenced to five years and three months in federal prison for fraud in connection with his embezzlement of more than $640,000 from three clients.
Gregg Brie, 54, previously pled guilty to wire fraud.
According to the allegations in the information to which he pled guilty and other court documents, Brie embezzled funds from the victims, two of whom live in the same apartment complex in which he lived.
He advised his first victim, a disabled man on a fixed income and confined to a wheelchair, to buy shares in Alaska Air Group, Inc. Bank records show that this victim gave Brie more than $480,000. Brie told him he had opened accounts for him at a brokerage firm and that his stock had increased in value to approximately $8 million.
When the victim asked for his money, Brie told him his accounts were frozen because the stockbrokers had done something “sketchy” in order to buy the shares at a lower price. When the victim attempted to contact the brokerage firm, Brie told him he would murder him if he attempted to contact the firm again.
Brie repeated his threat at least two more time, noting his threats should be taken “literally, not metaphorically.”
According to written loan agreements drafted by Brie, the second victim made three loads to Brie in a total amount of some $157,000 “for the purpose of producing and distributing a proprietary, composite unimold commode for use within indigent venues of the African nation of Uganda.”
The third person loaned Brie $2,000 on Brie’s representation hat he was illiquid because he had put all of his cash into the unimold commode project.
The FBI found Brie had spent the money on credit cards and a Mercedes Benz lease. The evidence showed there was no brokerage account.