Thursday, March 4, 2010
Washington State Broker Under Investigation For Bilking Clients Out Of At Least $8 Million
Rhonda L. Breard, 47, of Kirkland, Washington, is currently being investigated by the state Department of Financial Institutions for allegedly bilking clients out of at least $8 million. Breard, who is president of Breard & Associates Wealth Management, who has not yet been charged with a crime, allegedly falsified monthly statements to clients. Breard was the host of a financial television talk show, "Help Me Rhonda." Reports indicate that Breard owns two homes -- one Lake Washington property in an area known as "The Garden of Eden" and a house in Redmond -- worth nearly $5 million. She also has eight cars, six snowmobiles, three jet skis and a motor home. Some reports indicate Breard may have attempted suicide. The state investigation is ongoing.
Update (8/12/10): Breard, now 48, was sentenced to 80 months in prison (six years and eight months) for embezzling what is now believed to be more than $12 million from her clients. She plead guilty last April to the charges. Breard's thefts are believed to date back to 2000.
Hat tip: Reader Julie