Golden Valley Investment Adviser Faces 20 Years for Fraud

Golden Valley Investment Adviser Faces 20 Years for Fraud

Renee Marie Brown, 48, an investment adviser from Golden Valley, entered a guilty plea to cheating investors of $1.1 million before the United States District Court Judge, Susan Richard Nelson, in St. Paul.

According to her plea agreement, Brown persuaded investors to invest in a limited liability company styled “Investors Income Fund X, LLC”, which she had incorporated on July 1, 2009. She contacted the victims personally and by email and telephone, and lured them into investing $1.1 million in Fund X by falsely representing that it was a bond fund that generated returns of eight to nine percent. She also lied that she had herself invested $200,000 in the fund.

An FBI investigation, assisted by the U.S. Securities and Exchange Commission, led to an indictment of Renee Marie Brown on May 11, 2011.

Her sentence will be announced by Judge Nelson at a later date. The case was prosecuted by Assistant U.S. Attorneys Kimberly M. Hare and Kimberly A. Svendsen.

Brown could be imprisoned for 20 years, the maximum potential penalty in this case.

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