Camden — All properties owned by Russell “Rusty” Brace, who has admitted to embezzling more than $3.8 million from United Mid-Coast Charities, have been put up for sale.
UMCC President Steve Crane said Dec. 10 that all properties owned by Brace have been listed for sale by Brace’s attorney, Peter DeTroy, of Portland. Crane said the sale of the properties will be used to help pay UMCC back the money it is owed.
“Part of the restitution efforts we are making with Mr. Brace to deal with the claims of the charity and restitution is the selling of his assets,” DeTroy said Dec. 4.
Brace is accused of taking the money between December 2001 and August 2014, depositing it into his business account, Brace Management Group, and then using the stolen money for his own benefit, according to a civil suit filed in October in Knox County Superior Court.
Brace has not yet been charged with a crime but, Crane said, it is anticipated that charges will be filed sometime in late January. He said the FBI and Internal Revenue Service have been involved in the investigation, but they are in the process of wrapping up their work.
DeTroy said it is difficult to say exactly when criminal charges are coming, because the case involves federal entities, so it is not as straightforward as other cases. However, he did say, since Brace has largely admitted to his conduct, it will not go through a grand jury review and will instead be a negotiation process between the parties.
In October, a judge approved liens of $3.8 million on all of Brace’s properties and bank accounts. The properties have been listed for sale for about a month.
In Camden, Brace is the owner of a 17,303-square-foot business block at 21 Elm St. It is valued at $1.647 million, according to data.visionappraisal.com. The building is listed for sale at $2.3 million by CBRE. There has been interest expressed in the building, DeTroy said.
Brace and his wife, Rebecca, also own a home on Spruce Street in Rockport that is assessed at $774,800, according to the Town Office. The five-bedroom, 3,656-square-foot home is listed with Sotheby’s International Realty for $895,000.
His 2016-square-foot Rangeley cottage is also for sale for $399,800. It is assessed by the town for $204,400.
He also owns a 2,048-square-foot camp on Steele Lane on Washington Pond that is listed for $385,000 and assessed by the town for $314,954.
Courier Publications Editor Kim Lincoln can be reached at 236-8511 or by email at klincoln@villagesoup.com.