Head of McCready & Associates Admits Ponzi Scheme

October 15th, 2009
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Michael E. McCready, a Beverly Hills investment advisor and licensed securities broker of McCready & Associates, has pleaded guilty in a $9 million Ponzi scheme that has defrauded over 25 investors. McCready now faces up to 20 years in prison.

According to the Los Angeles Times, McCready’s victims, who were primarily friends of his from the entertainment industry, believed they were investing in a hedge fund and traditional securities. Instead, money was spent on girlfriends and to finance other projects. A civil lawsuit was filed today against McCready in Superior Court in Los Angeles, as well.
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McCready & Associates
Related People: Michael E. McCready
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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