A couple has been sentenced for defrauding almost $500,000 from individuals in Oklahoma.
Brian Berry was sentenced to 18 years, with five years served in prison and 13 years on probation. His wife, Amanda Berry, received an 18-year suspended sentence.
Brian has been instructed to pay $451,000 in restitution to Massachusetts Mutual Life Insurance Company. This amount is intended to compensate some of the victims affected by the Berrys’ actions. Additionally, Brian is required to pay around $22,000 to another victim to cover their economic losses. Furthermore, a sum of $10,000 is to be paid to a victim who had not been previously reimbursed by MassMutual.
Amber is also required to pay restitution.
Oklahoma Attorney General Gentner Drummond revealed that the couple was engaged in the creation of a shell company known as ICON Financial Group LLC.
According to court records, the couple managed to persuade numerous clients, many of whom were their friends, to invest in their fraudulent company over a span of three years.
The Berrys utilized the funds for their own personal needs, neglecting to fully reimburse some of the victims involved.
The Berrys were able to deceive and manipulate several victims who had legitimate MassMutual investment accounts, convincing them to transfer their funds to the Berrys’ shell company.
On October 1, 2020, MassMutual terminated the couple and provided reimbursement to several victims.
“Financial fraud of this magnitude causes devastating harm to hard-working Oklahomans who trusted these individuals with their life savings,” said Attorney General Gentner Drummond. “This sentence sends a clear message that white-collar criminals who exploit positions of trust will face serious consequences in Oklahoma. My office will continue to vigorously prosecute those who prey upon the financial security of our citizens.”
To inquire about a potential investment, you can reach out to the Oklahoma Department of Securities at 405-280-7700. Alternatively, you can visit their official webpage at www.securities.ok.gov for more information.
“The Oklahoma Department of Securities is grateful to Attorney General Drummond and his staff as well as those on the Department’s staff who brought this case to a just ending,” said Melanie Hall, ODS Administrator. “The Berrys took advantage of long-term relationships and the trust placed in them — circumstances that often occur in connection with securities violations. No matter how well you think you know a person soliciting you for an investment, always do your homework before turning over your hard-earned money.”