Former Financier Pleads Guilty to Defrauding Family Member Out of $8.4 Million

MIAMI - A former financier previously disciplined by the U.S. Securities & Exchange Commission pled guilty today in the Southern District of Florida to defrauding his elderly family member out of approximately $8.4 million.

According to court documents, Brett Thomas Graham, 61, began assisting his family member after she became a widow in approximately 2017. In approximately November 2018, Graham assisted her with retaining a financial advisor headquartered in New York, New York. In approximately February 2019, the family member sold a townhouse in New York, New York, for approximately $9 million. In approximately September 2019, Graham began transferring money from her accounts into his own checking account. Graham spent the money on himself. In approximately December 2020, Graham assumed the role of the family member's power of attorney, by which he was obligated to act in her best interest. Graham used the opportunity to continue his scheme to defraud.

In one instance, in December 2020, Graham asked the financial advisor for an additional $250,000, writing that the money was needed for the family member's "higher medical & care expenses." After receiving the money, Graham spent it on himself. In another instance, in November 2022, Graham asked that the financial advisor make an additional $400,000 available, writing that the funds were necessary for "[a]mazing [investment] opps…" After receiving the money, Graham spent over $300,000 on his credit card, art, travel, and rent.

Law enforcement was able to seize approximately $2 million worth of jewelry and art purchased with fraud proceeds.

Graham's sentencing is scheduled to take place before Judge Donald M. Middlebrooks on September 16.

U.S. Attorney Hayden P. O'Byrne for the Southern District of Florida and Acting Special Agent in Charge Brett Skiles of the FBI Miami Field Office made the announcement.

The FBI Miami Field Office investigated the case. The U.S. Attorney's Office appreciates the assistance of the U.S. Securities & Exchange Commission.

Assistant U.S. Attorney Eli S. Rubin is prosecuting the case. Assistant U.S. Attorney Sandra Demirci for the Southern District of Florida handled asset forfeiture.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 25-cr-20103.

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