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[SOS] Johnson County man sentenced to 3 years in prison for running an investment scam
Start Date: 12/19/2013 All Day
End Date: 12/19/2013
Entry Description

Scam artist victimized members of the community who helped raised him


INDIANAPOLIS (Dec. 19, 2013) — Convicted white collar criminal Martin McClary of Johnson County was sentenced to 3 years in prison as a result of an investment scam totaling more than $1.7 million. McClary swindled 34 investors including friends of his family who helped raise him. The Secretary of State’s office investigated McClary in collaboration with the Indiana State Police and turned the case over to Johnson County Prosecutor Brad Cooper.


“This case is particularly devastating because McClary used shared religious belief to defraud his victims,” said Secretary Lawson. “I hope this serves as a reminder to everyone that if an investment sounds too good to be true, it probably is too good. Always check to make sure you are working with a licensed financial professional and are investing in a licensed product even if it is a family member or close friend because many scam artist take advantage of people they know.”


“This is another great example of law enforcement cooperation between state and local officials. I commend our partners at the Indiana State Police and Prosecutor Cooper’s office. I’m particularly proud of our Securities Division for their hard work in bringing scam artist such as McClary to justice.”


McClary worked with his alleged partner Parry Clark, due to be prosecuted in early 2014, to solicit victims to invest in a Florida based medical malpractice insurance company named Prosidian. They guaranteed investors an 18 percent return on their investment in the company, an extremely high return rate that is well beyond normal market projections. McClary issued reports to investors showing the company’s success when in actuality the company was never licensed to operate.


The scam started in 2008 when McClary was hired by Clark to solicit investors in Indiana for Prosidian, even though he was not a licensed investment professional. McClary met several of his investors through church and often used religion as a tool to solicit investments. He told investors that the time to invest was coming to a close and that God had granted him a gift to help others prosper through this investment. Many investors rolled over their IRA accounts and invested hundreds of thousands of dollars based on guaranteed returns.


In late 2010, investors were told that Prosidian was having trouble obtaining an insurance license in Florida. Eventually, investors were unable to make contact with McClary or Clark.


The investigation of Martin McClary began when one of his investors filed a complaint with the Indiana State Police. This prompted an investigation by the Secretary of State’s Prosecution Assistance Unit, which led to Johnson County Prosecutor Brad Cooper filing charges against Martin McClary. Prosecutor Cooper deputized a Secretary of State attorney to aid the prosecution. In October of 2013, 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, a Class B felony and two Class C felonies respectively. Today, the court conducted the sentencing hearing. 


Diana Moers Davis and Kimberly Haskett handled the investigation and criminal referral of this case on behalf of the Prosecution Assistance Unit of the Secretary of State’s office. They worked closely with Detective Harris Smith of the Indiana State Police and Deputy Prosecutor Joe Villanueava of the Johnson County Prosecutor’s office.


For information on how to avoid becoming a victim of investment fraud visit

Contact Information:
Name: Valerie Kroeger
Phone: 317-233-8655
Entry Type:
Press Release
Entry Category:
  • Alerts and Notification
  • Announcements
  • Category:
  • Government
  • Agency Name
    Secretary of State

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