John Bravata, 45, of Brighton was sentenced to 20 years after having been convicted by a federal jury of conspiracy and multiple counts of wire fraud, according to a press release from United States Attorney Barbara L. McQuade.
After an eight week trial, Bravata and his son Antonio Bravata, 25, were convicted after evidence showed that from 2006 to 2009, John Bravata conspired with his son, Antonio Bravata, to defraud close to 500 investors of more than $50 million dollars, money that largely represented the life savings of investors, according to the press release.
John Bravata was convicted of Conspiracy to Commit Mail and Wire Fraud and 15 counts of Wire Fraud, while Antonio Bravata was convicted of Conspiracy to Commit Mail and Wire Fraud.
“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.”
In addition to the 20 year prison sentence, John Bravata was also ordered to pay restitution to the victims of the scheme, which will be determined at a separate hearing.
Sentencing for Antonio Bravata is set for September 25.