JACKSONVILLE, Fla. – Two former leaders of the Duval County teachers union are now in federal custody.
Thursday was the deadline for former Duval Teachers United president “Terrie” Brady and former vice president Ruby George to report to their designated federal prison to begin serving their sentences for fraud.
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The two admitted to a fraud scheme that prosecutors said drained millions of dollars from teachers over nearly a decade. They were sentenced in February.
Brady was given 27 months in prison, followed by three years of supervised release, and George was given 12 months and 1 day in custody, plus six months on home confinement and three years of supervised release.
The Bureau of Prisons website now shows that Brady is at FCI Marianna in the Florida panhandle. The BOP shows that George is at FMC (Federal Medical Center) Carswell, in Fort Worth, Texas.
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Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.