Head of McCready & Associates Admits Ponzi Scheme

October 15th, 2009
| More
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.
See Source
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


More Recent Headlines

Ex-Morgan Stanley Executive Zoe Cruz to Found Voras Capital Management

John Paulson’s hedge fund makes big bet on Conseco

CRD Analytics Forms Partnership With SeaCrest Investment Management

Hedge Fund Compliance: Ensuring the Security of Investor Data Online

Cibelli’s Marathon Partners creates Activist Forum to attack Dover Motorsports

Beacon Light Capital launched by Atticus Capital Veterans

Back to Basics with Equity Market Neutral Hedge Funds

Time for small Hedge Funds to rethink Spreadsheets

Och-Ziff and Ivory veterans Launch Matchpoint Investment Management

Galena Metals Fund closes to new investments