McGinn Smith Founders Get Prison Time For Bilking Clients

Law360, New York (August 14, 2013, 2:24 PM EDT) -- A New York federal judge has sentenced a founder of brokerage McGinn Smith & Co. to 15 years in prison and another one to 10 years for stealing $4.1 million from clients and causing even bigger losses on investments.

Timothy McGinn will spend 15 years in prison and pay $102,700 in fines while David Smith will get 10 years and a $50,000 fine. U.S. District Judge David N. Hurd also ordered the pair on Aug. 7 to forfeit $6.3 million and pay almost $6 million more...
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