Scott F. Mccreadie

Securities Exchange Act of 1934
Release No. 51288 / March 2, 2005

Investment Advisers Act of 1940
Release No. 2364 / March 2, 2005

Admin. Proc. File No. 3-11807

In the Matter of SCOTT F. McCREADIE

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ORDER MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS BY DEFAULT

The Securities and Exchange Commission (Commission) issued its Order Instituting Proceedings (OIP) on February 3, 2005, pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Exchange Act) and Section 203(f) of the Investment Advisers Act of 1940 (Advisers Act). The OIP was delivered to R. Bradford Bailey, attorney for Scott F. McCreadie (McCreadie), on February 8, 2005. By letter dated February 22, 2005, Mr. Bailey advised this Office that McCreadie does not contest the proceedings against him and acquiesces in the entry of a default. The letter also states that McCreadie has no further interest in participating in the purchase or sale of securities and has no desire to remain licensed in the securities industry.

I find that McCreadie is in default. Pursuant to Rule 155(a) of the Commission's Rules of Practice, I find the following allegations in the OIP to be true:

McCreadie, age 34, formerly resided in Sharon, Massachusetts, and currently resides in Wellington, Florida. From January 1999 until June 2002, McCreadie was employed by UBS PaineWebber (PaineWebber), a registered broker, dealer, and investment adviser now known as UBS Financial Services, Inc. During the relevant period, McCreadie was a person associated with a broker, dealer, and investment adviser.

On November 10, 2004, the United States Attorney for the District of Massachusetts filed a criminal Information against McCreadie concerning his misappropriation of funds from PaineWebber customers. The Information charged McCreadie with one count of violating Section 10(b) of the Exchange Act and two counts of tax evasion. The case was filed in U.S. District Court for the District of Massachusetts. United States v. McCreadie (Crim. No. 04-CR-10338 WGY). The Information charged that, from in or about April 2000 through June 2002, McCreadie engaged in a scheme to defraud his wife's family in connection with the purchase and sale of securities. According to the Information, McCreadie diverted into his own personal brokerage and bank accounts over $700,000 from PaineWebber brokerage accounts belonging to his wife's family members. McCreadie was the designated registered representative or financial adviser for these accounts. The Information alleges, among other things, that McCreadie used forged letters of authorization and forged checks to transfer funds out of various PaineWebber accounts in the name of his wife's family into a PaineWebber brokerage account and a separate bank account, both held jointly by McCreadie and his wife. According to the Information, McCreadie then spent the funds on stock trades and personal expenses.

On January 18, 2005, McCreadie pled guilty to the three counts alleged in the Information, including the violation of Section 10(b) of the Exchange Act.

In view of the above, it is necessary and appropriate in the public interest to bar McCreadie from associating with any broker, dealer, or investment adviser.

IT IS ORDERED THAT, pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Scott F. McCreadie is barred from associating with any broker, dealer, or investment adviser.