Beverly Hills man who copped to investment scam gets jail time

A Beverly Hills investment manager has been sentenced to nine years in federal prison for a fraud that cost victims more than $8 million. Forty-six-year-old Michael E. McCready of West Hollywood was sentenced Monday in Los Angeles to prison and ordered to repay the money. He pleaded guilty last fall to securities fraud. Prosecutors say that from 2004 to 2009, McCready ran a phony investment and hedge fund scheme that scammed about two dozen clients. Authorities say McCready promised to invest money for clients he met through word-of-mouth and through financial seminars — but actually spent most of it on himself. Some victims say they lost their savings or their homes.