A couple from Oklahoma has been sentenced for orchestrating a fraud scheme that defrauded nearly $500,000 from individuals, including friends and clients. The sentencing follows an indictment by the Multi-County Grand Jury.
Brian Berry received an 18-year sentence, which includes five years of imprisonment and 13 years of probation. He is also required to pay restitution totaling $451,000 to Massachusetts Mutual Life Insurance Company, along with approximately $22,000 to another victim for economic losses and $10,000 to a victim not reimbursed by MassMutual.
Amanda Berry was given an 18-year suspended sentence and ordered to pay restitution as well.
The couple established a shell company named ICON Financial Group LLC. According to court records, they persuaded clients—many of whom were friends—to invest in this fraudulent enterprise over three years. They misappropriated these funds for personal expenses while returning only partial payments to some victims.
Some victims held legitimate MassMutual investment accounts and were coerced into transferring their assets to the Berrys' shell company. MassMutual terminated the Berrys on October 1, 2020, subsequently reimbursing several victims.
"Financial fraud of this magnitude causes devastating harm to hard-working Oklahomans who trusted these individuals with their life savings," stated 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."
The case was prosecuted by the Office of the Attorney General and the Oklahoma Department of Securities (ODS) after an investigation conducted by ODS.
"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," commented 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."
For inquiries about potential investments, contact the Oklahoma Department of Securities at 405-280-7700 or visit www.securities.ok.gov.