Top financial officer at brokerage charged with stealing $750,000

A top financial officer at a Paoli brokerage firm stole $750,000 from the company, spending the money on high-end clothing from Bergdorf Goodman, a vacation in Mexico, and stays at luxury hotels, including New York's Waldorf Astoria.

Tracey McShane, 40, of Chester County, was indicted Tuesday on federal charges of wire fraud and filing false tax returns in the theft from Pacer Financial Inc.

McShane, who could not be reached for comment, was Pacer's director of financial operations, responsible for bookkeeping, general accounting, and overseeing the payroll.

The indictment says that from 2007 until about February, McShane tapped into the Wells Fargo accounts of the firm's owners to pay more than $650,194 of her personal credit card accounts.

It said she was then able to conceal the theft by creating false bank statements that omitted transfers.

In addition to the vacation, clothing, and hotels, McShane paid about $40,000 for wedding expenses and took $31,000 in cash advances, the indictment says.

Through her control of the payroll, she repeatedly gave herself pay hikes, starting with a $1,500 raise.

The thefts escalated, with raises of $3,000 by 2013, the indictment said.

By February 2014, she had received $98,765 in unapproved raises, it said.

According to McShane's online profile, she had worked for Pacer since 2006 and has held an industry securities registration for six years.

Pacer Financial, which declined to comment on the case, is listed as a broker-dealer with 29 registered representatives nationwide.