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Rhonda Breard (“Breard”) has been charged by federal prosecutors with mail fraud and accused of stealing from investors. On March 10, 2010, Breard appeared in U.S. District Court in Seattle as prosecutors spelled out the charges against her. If convicted, Breard faces up to 20 years in prison and a $1,000,000 fine.
According to the government, Breard accepted millions of dollars from at least 20 investors. Instead of placing the money in insurance and financial products, Breard used the money “for her own expenses, and mailed phony statements to these customers,” prosecutors said in a statement. The government added that the alleged scheme had been going on since 2007.
Mark Bartlett, first assistant U.S. attorney, said that the FBI is continuing a “very active” independent criminal investigation, looking for others who might have been involved in the fraud and attempting to “identify any and all assets to try to make her victims as whole as possible.” Judge James Donohoe, a U.S. Magistrate, released Breard but prohibited Breard from selling any assets, and required her to obtain court approval for expenditures exceeding $500. Reportedly, Breard had attempted to sell large amounts of jewelry to a local jewelry shop. When the shop owner learned who she was, he refused to buy the jewelry.
KlaymanToskes is investigating claims against ING Financial Partners (“ING”), the brokerage firm where Breard was registered since 2002. Under NASD Rules, ING was obligated to properly supervise the practices and activities of Breard during the time that she was registered with the firm. Accordingly, ING may be liable for failing to supervise Breard’s activities and responsible for compensating investors who lost money investing with Breard. As such, KlaymanToskes plans to assist victims of Breard and ING Financial Partners in securities arbitration claims before the Financial Industry Regulatory Authority (FINRA).