Kirkland financial planner who stole $12M from 42 clients sentenced to under 7 years in prison

Wash. money planner gets about 7 years for fraud

SEATTLE — A Kirkland financial planner who looted her clients’ investment accounts to the tune of $12 million was sentenced Wednesday to six years and eight months in prison by a federal judge who praised her for cooperating after she got caught.

Rhonda Breard pleaded guilty in April to one count of mail fraud, admitting that she concealed the decade-long scheme by sending clients fake account statements. It was only uncovered after a surprise audit early this year by ING Financial Partners, which says it’s working to reimburse Breard’s clients.

U.S. District Judge Marsha Pechman issued the sentence — which was below the 8- to 10-year guideline range — after hearing from victims who described how Breard devastated them emotionally and financially. They insisted that Breard cooperated and pretended to be sorry after she got caught only in an effort to minimize her potential prison time, and some wanted Breard to be sentenced to the maximum 20-year prison term.

Even Breard herself said she deserved the maximum.

“I don’t feel I deserve any breaks,” the tearful mother of three told the court. “But I would like to be in my children’s lives.”

Breard, 48, used the money on three expensive homes, travel, jewelry, and more than two dozen vehicles. She turned over $250,000 to the government as well as the rest of her assets, but their value is not enough to cover what she took from her clients’ retirement, college savings and other investment accounts.

In 22 years on the bench, Pechman said, “I’ve never seen anybody who came forward in quite the same way.”

Dozens of victims packed the courtroom, and some groaned as Assistant U.S. Attorney Carl Blackstone suggested Breard deserved some leniency both for her cooperation and for the difficult childhood she endured. Some of the victims who addressed the court told Blackstone he’d been “bamboozled.”

“I hope the U.S. federal court is not deceived by the great deceiver, Rhonda Breard,” said one, Shelly Heath.

Breard was licensed to sell securities through Des Moines, Iowa-based ING Financial Partners. ING has already reimbursed some of the victims and has told the U.S. attorney’s office that it intends to reach settlements with the rest within two months.