Jury convicts father, son of defrauding investors

DETROIT (AP) -- A Brighton-area investment manager and his son have been found guilty in a $50 million scheme to defraud hundreds of investors.

The U.S. Attorney's office in Detroit says a federal jury on Wednesday convicted 45-year-old John Bravata of conspiracy to commit mail and wire fraud and 15 counts of wire fraud. His 25-year-old son Antonio Bravata was convicted of conspiracy to commit mail and wire fraud.

Father and son were accused of misleading investors through BBC Equities from 2006 to 2009. Authorities say a large portion of the money was used to support their lavish lifestyles.

The government says they conspired to defraud 500 investors.

Sentencing is scheduled for June 18.

Published: Fri, Mar 29, 2013