Martin McClary Receives 3 Years in Prison for Multi-Million Investment Scam
Martin McClary was sentenced to three years in prison for an investment scam which swindled 34 investors, including some friends of his family. McClary was said to have been working together with his partner Parry Clark, to solicit investment in Prosidian, a Florida based medical malpractice insurance company.
Prosidian was later found to be unregistered and unlicensed despite McClary’s assurance to the victims. McClary collected investment amounting to $1.7 million and used it to pay for personal bills and as payment to previous investors.
State officials noted that the scam was particularly devastating to the community because McClary used shared religious beliefs in order to defraud his investors. The scam was traced back to 2008 when McClary was first hired by Clark to solicit investors. McClary then met most of victims through church and used religion as a soliciting tool.
In 2010, investors were told that Prosidian was having trouble obtaining an insurance license in Florida. As a result, McClary and Clark eventually became unavailable to their victims, which prompted investor to file charges against the two.
McClary pleaded guilty to securities fraud involving a person over the age of 60, selling unregistered securities and failing to register as a securities professional on October of 2013.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no obligation evaluation of their recovery options, at 585-310-5140.