McCready was a licensed securities broker and ran an investment advisory business called McCready & Associates.  McCready's victims included some of his friends, many of whom work in the entertainment business.  Investigation by the securities litigation law firm of Chapman & Associates showed that McCready told his customers he would invest their money in traditional securities, such as stocks, bonds, mutual funds, or annuities. 

In reality, McCready never bought the securities.  He converted investor funds and used them to purchase luxury products for himself and his girlfriends.  Chapman & Associates LLC's investigation indicates that some of the funds were spent on financing a movie and the insurance business of a close friend.  The profitable returns promised by McCready to his customers never materialized.  McCready used new clients' money to pay off earlier investors, and sent them false account statements that showed profits from the investments.

The securities litigation law firm of Chapman & Associates is preparing to take action on behalf of victimized investors.  "Brokerage firms have a duty to supervise their agents and prevent them from defrauding the investing public," said John S. Chapman, a securities attorney.  "We will hold liable those brokerage firms that failed in their duties to protect their customers,"  said Chapman. 

For more information about this case, please contact the securities law firm of Chapman & Associates.  Click here to read important statements and disclosures regarding this case.