McGinn, Smith seek acquittal
ALBANY, N.Y.—Former Albany brokers Timothy McGinn and David Smith have filed motions asking a federal judge to overturn their convictions on fraud and tax evasion charges, according to an article from the Times Union, a newspaper based here.
Formerly co-owners of the Albany brokerage firm McGinn, Smith & Co., the two were convicted Feb. 6 of defrauding dozens of investors. The pair contend that evidence presented by the government did not support the jury’s decision after a month-long trial in Utica, N.Y., according to the report.
“These allegations are based on the complete failure of the government to attempt to comprehend concepts of investment banking and the inner-workings of running a broker-dealer,” William Dreyer, Smith’s attorney, stated in a motion he filed.
The post-trial motions contend the government never read the documents that investors signed to acknowledge they knew the risks entailed by high-return, private offerings. The pair are requesting a new trial if the federal judge does not grant their acquittal requests, according to the report.
McGinn and Smith face up to 30 years in prison at their sentencing in June.