David Saks: Father and Son Convicted in Real Estate Investment Fraud

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Father and Son Convicted in Real Estate Investment Fraud

Former Brighton Resident and Son Convicted in Real Estate Investment Fraud

U.S. Attorney’s Office March 27, 2013
  • Eastern District of Michigan (313) 226-9100

A Brighton businessman and his son were found guilty today by a federal jury of conspiracy and multiple counts of wire fraud, announced United States Attorney Barbara L. McQuade.

U.S. Attorney McQuade was joined in the announcement by Robert D. Foley, III, Special Agent in Charge of the Detroit Office of the Federal Bureau of Investigation, and Merri Jo Gillette, Regional Director of the Chicago Office of the Securities and Exchange Commission.

The jury convicted John Bravata, 45, and Antonio Bravata, 25, after an eight-week trial before U.S. District Judge Paul D. Borman.

As part of the same prosecution, a guilty plea to wire fraud was entered by Richard J. Trabulsy, 32, of Canton, a former business partner of John Bravata.

The evidence at trial showed that from 2006 to 2009, John Bravata conspired with his son Antonio Bravata to defraud more than 500 investors of more than $50 million, money that largely represented the life savings of investors. In executing the scheme to defraud John and Antonio Bravata solicited money for their company “BBC Equities” by using false and fraudulent statements and promises. These false statements included promises of guaranteed safety of principal and high interest returns. Rather than investing the money in safe real estate transactions as promised, a large portion of the money was used by the defendants to support their lavish lifestyles.

Both John Bravata and Antonio Bravata furthered their scheme to defraud through free lunch seminars that targeted retirees. At these presentations, they not only made false promises of a safe investment, but they falsely claimed that they did not get paid unless the company was profitable, that no fees or commissions would be charged or taken on investments, and that real estate was purchased with cash.

John Bravata was convicted of conspiracy to commit mail and wire fraud and 15 counts of wire fraud. Antonio Bravata was convicted of conspiracy to commit mail and wire fraud. Each count carries a maximum possible penalty of 20 years in prison and a $250,000 fine.

“White-collar criminals may use sophisticated methods, but their crime is nothing more than stealing other people’s money,” McQuade said. “These defendants targeted and preyed upon victims and stole their life savings. Many of these victims are seniors who lack the resources or the time to recoup the loss.”

FBI Special Agent in Charge Foley stated, “These individuals engaged in an investment scheme that stole millions of dollars from hundreds of investors. The FBI is committed to stopping such predatory acts and holding criminals responsible.”

Sentencing has been set for June 18, 2013. Bond was continued as to defendant Antonio Bravata. John Bravata’s detention was continued.

The case was prosecuted by Assistant United States Attorneys Frances Carlson and Karen Reynolds, as well as Special Assistant United States Attorney Jonathan Polish. SAUSA Polish was detailed to this case from the Chicago Region of the Securites and Exchange Commission. The case was investigated by the FBI and the SEC.

source: FBI

David Saks

Time&Temp Memphis

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Comment balloon 6 commentsDavid Saks • March 28 2013 01:05PM


It is great that they got the guilty parties but what about the companies that are too big to fail. We are being defrauded by large banks & corporations & nothing happen. Oh yes they caught HSBC laundering drug money & fined them $1 billion dollars. They made $10 billion doing it. No body went to jail on that scheme. Great example set for others.

Posted by Jimmy Faulkner, The Best Of St. Augustine (Florida. Homes Realty & Mortgage) over 7 years ago

This is the tip of the iceberg for damage done to many people

Posted by Lori Bowers, The Lori Bowers Group over 7 years ago

Well thank goodness they were found out and brought to justice.  There are so many scams going on, especially in our industry, it's hard to keep up.

Posted by Jean Hanley, Specializing in Folks Who Want To Buy/Sell Homes (Coldwell Banker Kivett Teeters) over 7 years ago

Jimmy, the swindle gets passed from the ground up in the real estate business. It's starts when the foundation is poured.

Posted by David Saks ((retired)) over 7 years ago

There's so much fraud in the real estate business, Lori, that it's more like a grain of sand in the Sahara in comparison to the losses over the last thirteen years.

Posted by David Saks ((retired)) over 7 years ago

Jean, I'm deluged with court reports, notices and details of conviction and indictment for real estate, financial and mortgage crimes.

Posted by David Saks ((retired)) over 7 years ago

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