Feds Seek Life Sentences For McGinn Smith Founders

Law360, New York (July 24, 2013, 7:27 PM EDT) -- Prosecutors asked a New York federal judge on Wednesday to impose life sentences and millions in fines for the two founders of Albany-based brokerage firm McGinn Smith & Co. following their convictions in an intricate fraud scheme in which investors lost nearly $30 million.

Prosecutors asked that Timothy M. McGinn and David L. Smith each receive a sentence of life imprisonment, a fine of up to $30 million and an order to pay restitution of $30.2 million, according to a sentencing memorandum filed in the U.S....
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