McGinn Smith Execs Raided Investment Funds: SEC

Law360, New York (April 21, 2010, 2:49 PM EDT) -- The U.S. Securities and Exchange Commission has launched an emergency injunctive action against two New York brokers the agency has accused of raising more than $136 million through unregistered debt offerings and funneling the investments into entities they owned and other nonpublic and illiquid structures.

In a complaint filed Tuesday in the U.S. District Court for the Northern District of New York, regulators said Timothy M. McGinn and David L. Smith lured investors to participate in four funds that were used primarily as vehicles to shore...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.