Southfield Broker Busted In Investment Scam

SOUTHFIELD (WWJ) – The founder of a Southfield-based investment fund has been arrested in New York city. U.S. Attorney Barb McQuade and FBI Special Agent in Charge Andrew Arena announced Friday morning that John Bravata, the chairman of BBC Equities, was taken into custody Thursday at JFK International Airport when he returned from Italy.

A criminal complaint charges Bravata with wire fraud. Investigators allege Bravata took part in a scheme to defraud investors over a three year period stretching from 2006 to 2009.

The feds also claim Bravata used investor funds to pay for the construction of his roughly 18,000 square foot personal home and to pay for other personal expenses.

If convicted of wire fraud, Bravata faces up to 20 years in jail and a $250,000 fine.

  • Jury Convicts Father, Son Of Defrauding Investors « CBS Detroit

    […] executing their scheme, McQuade said the Bravatas 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 […]

blog comments powered by Disqus
Best Winter Festivals In Metro Detroit
Thanksgiving Parade Guide

Watch & Listen