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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by JOHN LONGENECKER on April 10th, 2010

April 10, 2010

Michael McCready

Was pleasant, friendly and charming.
His temperament was friendly and polite.
Well spoken.
He had an multi space office in Beverly Hills with windows looking out on Wilshire Blvd.
He had a staff in the office
He had a receptionist who answered the telephone
He one time talked to me about a special investment that he had that just came up
He had minimal documents about his special investment
He said he invested only in long term solid investments
He said he had a special relationship with one or more banks

Woops!

JOHN LONGENECKER
877-505-5133

http://www.hedgetracker.com/article/Beverly-Hills-Michael-McCready-sentenced-to-9-years-for-Ponzi-Scheme


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