Beverly Hills’ Michael McCready sentenced to 9 years for Ponzi Scheme

April 1st, 2010
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Late last week, CNN reported that investment swindler Michael McCready was sentenced to 9 years in prison by US District Judge George King. The Beverly Hills investment advisor admitted to defrauding clients of over $8 million in a 5-year long Ponzi Scheme. Mr. McCready was accused of using client money for personal uses and to finance the production of a movie.

Michael McCready raised assets through McCready & Associates by promising potential investors “safe investments” and a “profitable private hedge fund.” According to the court, the scheme “caused substantial, and in some cases, life-altering harm to the affected clients.” McCready’s sentence begins May 17, 2010.
For Detailed Investor Profiles on these Investors, click below:
McCready & Associates
Related People: Michael E. McCready
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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