McGinn Smith Founder's Wife Hit With $1M In Sanctions

Law360, New York (July 20, 2011, 8:16 PM EDT) -- The wife of McGinn Smith & Co. Inc. founder David Smith was hit with nearly $1 million in sanctions Wednesday in New York for allegedly hiding a $4 million trust fund from regulators in a $136 million securities fraud suit against the brokerage.

U.S. Magistrate Judge David R. Homer ordered Lynn Smith to repay $944,848 she took out of a trust fund she and her husband had claimed was for their children, including $600,000 she used to purchase property on Great Sacandaga Lake in upstate New...
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