An Oklahoma couple, Brian and Amanda Berry, tricked people into giving them nearly $500,000. They promised their friends and clients good investments. Instead, they took the money for themselves. Many of the victims knew the couple personally and believed they could be trusted. The victims thought they were making safe investments, but the Berrys had no plans to give them real returns. A court found them guilty of fraud, and they have now been sentenced.
Brian Berry will serve time in prison, while Amanda Berry receives a suspended sentence
Brian Berry was sentenced to 18 years. He will spend five years in prison, and after that, he will be on probation for 13 years. The court also ordered him to repay $451,000 to Massachusetts Mutual Life Insurance Company. This company had reimbursed some of the victims after they lost their money. In addition, he must pay $22,000 to another victim for economic losses and $10,000 to a victim who was not reimbursed by MassMutual.
Amanda Berry received an 18-year suspended sentence. She will not go to prison, but she must also pay back the stolen money. The court determined that both husband and wife played a role in the scheme, even though Brian Berry received the harsher punishment. The couple’s cooperative efforts in the scheme were clear.
The Berrys created a fake investment company
The couple created a fake business called ICON Financial Group LLC. They convinced their friends and clients to invest in it, claiming they would get great returns. However, the business was not real. Instead of investing the money, the Berrys spent it on themselves. They lived off the funds while making small payments to some victims to keep up the illusion. Most of the investors never got their money back. The fraud went on for three years before they were caught.
Some victims were manipulated into transferring their life savings
Several victims already had investment accounts with Massachusetts Mutual Life Insurance Company. The Berrys tricked them into moving their money into the fake company, promising better returns. This left many people without their savings. When MassMutual found out, they fired the couple on October 1, 2020. They also tried to help some victims by reimbursing them for their losses. However, not all victims were able to recover their funds. Some lost everything they had saved.
Oklahoma Attorney General says white-collar crimes will be punished
Attorney General Gentner Drummond spoke about the case. He said financial fraud causes serious harm to hardworking people who trust others with their money. He also said that criminals who take advantage of others in this way will face severe consequences in Oklahoma. His office is committed to prosecuting those who steal from innocent people. He wants to make sure that cases like this do not happen again, especially when a couple is involved.
Investigation led by Oklahoma Department of Securities and Attorney General’s office
The Oklahoma Department of Securities (ODS) worked with the Attorney General’s office to investigate the case. Melanie Hall, the administrator of ODS, said she was grateful for the hard work of the legal teams who brought justice to the victims. She warned that fraud often happens when people place too much trust in someone they know. She reminded everyone that no matter how well you think you know a couple, it is important to do research before making an investment. Fraudsters often take advantage of personal relationships to gain people’s trust and steal their money.
Important lesson for investors: Always verify before trusting with your money
The Berrys used their friendships and long-term connections to convince people to invest. Their victims did not suspect anything because they believed they could trust the couple. However, this case is a warning to everyone. Even trusted friends can deceive people when money is involved. Experts say it is important to always verify any investment opportunity before handing over your money. Scammers often seem friendly, reliable, and trustworthy. However, their true intentions may be to take advantage of you.
