Brian and Amanda Berry, an Oklahoma couple, have been sentenced for orchestrating a fraud scheme that stole nearly $500,000 from clients and friends.
Brian Berry received an 18-year sentence, with five years in prison and 13 years on probation. He must also pay $451,000 in restitution to Massachusetts Mutual Life Insurance Company, along with additional payments of $22,000 and $10,000 to individual victims.
Amanda Berry was given an 18-year suspended sentence and must also pay restitution.
The couple was found guilty of creating a shell company, ICON Financial Group LLC, and persuading victims—many of whom were personal friends—to invest. Instead of managing the funds properly, they used the money for their own benefit, repaying only select victims with partial amounts.
MassMutual terminated the Berrys in 2020 after uncovering the fraud and reimbursed several victims.
Oklahoma Attorney General Gentner Drummond emphasized the severity of the crime, stating:
“Financial fraud of this magnitude causes devastating harm to hard-working Oklahomans who trusted these individuals with their life savings. This sentence sends a clear message that white-collar criminals who exploit positions of trust will face serious consequences in Oklahoma.”
Melanie Hall, an administrator at the Oklahoma Department of Securities, warned investors to always verify financial opportunities, even when dealing with trusted individuals.
The case highlights the risks of investment fraud and the importance of due diligence before entrusting money to financial advisors.
