NEWS10 ABC: Albany, New York News, Weather, SportsFormer NY securities brokers plead not guilty to charges
ALBANY, NY - Two men from Saratoga County are indicted in one of the biggest fraud cases ever in the Capital Region
They both plead not guilty to charges that they raided millions of dollars from investor's accounts.
63-year-old Timothy McGinn of Clifton Park and 66-year-old David Smith of Saratoga Springs left federal court on Friday afternoon after they were released on $100,000. The men were partners of McGinn, Smith & Co.
Prosecutors say they siphoned more than $2-million dollars of investor funds into their private accounts before the firm was shut down in 2009. Both are accused of committing wire and securities fraud and filing false tax returns.
Their attorney says they did nothing illegal but were hurt by failures in the market place. If they are found guilty, they will most likely spend the rest of their lives behind bars.
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