A Florida woman who penned several books on finance and described herself as an experienced financial professional was sentenced to two years in prison yesterday for her role in an investment management scheme involving a professional women’s sorority, according to the U.S. Department of Justice.
Cheryl Broussard, 63, of Miami, pleaded guilty on Aug. 14, 2019, to one count of wire fraud. She was sentenced in the U.S. District Court for the Eastern District of Tennessee by Chief Judge Gregory N. Stivers of the Western District of Kentucky. She also was ordered to pay $106,000 in restitution and $106,000 in forfeiture.
As part of her plea, the release said Broussard admitted to entering into an investment agreement with a professional women’s sorority in February 2015, under which she managed $100,000 of the sorority’s funds. It said she regularly sent investment portfolio updates to the sorority that included fake investments in securities, unbeknownst to the sorority. Broussard had used the sorority’s funds for personal expenses, the release said.
Broussard, the announcement said, admitted that when the sorority noticed inconsistencies in the reports and sought to terminate the agreement she fabricated a termination penalty that appeared to be part of the original agreement to prevent the sorority from going forward with the termination. When the sorority terminated the agreement, Broussard failed to remit any funds to the sorority, the release said.
Broussard, the announcement noted, is the author of multiple books on women and finance. She advertised herself as a financial professional with over two decades of experience in investment management and advocating fiscal independence for women.
According to her bio on Amazon.com, where she appears with one of her books, "Sister Ceo: The Black Woman's Guide to Starting Your Own Business," Broussard is a contributing editor to several major magazines. It also said she is a former personal financial advisor on CNN and CBS Marketwatch, has lectured widely in the U.S. and abroad, and has been featured in major publications.