Scammed Investors McCamish, Smith Say Dyer "Still Living The High Life" But Should Be In Prison

  • Wednesday, February 22, 2017
Mickey McCamish and Paul Smith
Mickey McCamish and Paul Smith

Scammed investors Mickey McCamish and Paul Smith said the man who they say defrauded them of large amounts of money "should be in prison" but is "still living the high life."

Mr. McCamish, a Vietnam veteran, said of former Chattanooga Mocs Quarterback Club President Doug Dyer, "In the Navy, we would have hung him on the yard arm."

The Securities and Exchange Commission filed suit against Dyer and James Brennan and has locked up their assets. Attorneys representing them recently dropped off their cases, saying there was no prospect of being paid.

Mr. McCamish and Mr. Smith said that will bring further delays in their case.

Meanwhile, they said they run into Dyer at UTC football and basketball games, sitting in reserved sections. "Those tickets must have cost close to a thousand dollars," Mr. Smith said.

He said the section is reserved for donors, but he said the Dyer donations "were made with tainted money."

Mr. McCamish, who said he and his brother, orthodontist DeWayne McCamish, put almost $100,000 into the Dyer venture, said he confronted Dyer in the parking lot after a UTC game.

He said, "I asked him what happened to my money and he claimed we would get it back through the stock he recently issued. I offered to give him the stock in exchange for the money right now, but he walked off."

Mr. McCamish said he warned UTC officials about allowing Dyer at Moc games, saying there might be a security problem if an enraged investor with a few beers in him confronted him about the missing money.

The pair said many of the investors got to know Dyer through the Quarterback Club and trusted him without asking any questions.

Mr. Smith said he first learned something was wrong when he found a note on his front door from an FBI agent. "I was already suspecting something. I asked questions, but kept getting put off."

Mr. McCamish said he and his wife were traveling when the FBI agent came to their house and also left a note. He said when his wife saw the request to call the FBI "she asked me what I had been up to."

Mr. McCamish and Mr. Smith said they have been told there are 250-260 individuals who lost money with the total loss in the $5 million range.

They said they were told that all the money from investors was quickly transferred to personal accounts.

They said federal prosecutors are looking into filing criminal charges and they make a point of going about every two weeks to get an update from the prosecutor who has been assigned to the case.

Mr. McCamish said, "He violated the trust of a lot of people. He should face the punishment. But the wheels of criminal justice grind extremely slow."

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