Tag: Timothy McGinn
This Blog's on Fire (And Other Stuff)
'Arrogant' McGinn gets 15-year sentence
August 7, 2013Tess Nacelewicz
It wasn't the life term prosecutors sought, but 65-year-old security industry investor Timothy McGinn today was sentenced to be in federal prison until he's 80. McGinn had asked for a more lenient sentence after being convicted earlier this year of fraud, conspiracy and tax evasion in a Ponzi-like scheme that caused investors to lose millions. A judge spurned that request, calling McGinn “arrogant,” news reports say.
David L. Smith, 68, McGinn's former partner in the Albany, N.Y.-based...
This Blog's on Fire (And Other Stuff)
Life in prison for McGinn, Smith?
July 31, 2013Tess Nacelewicz
Security industry investors Timothy McGinn and David L. Smith are set to be sentenced next week and could spend the rest of their lives in prison after being convicted of fraud, conspiracy and tax evasion earlier this year.
That's the sentence prosecutors want a judge to impose on the pair—formerly partners at the Albany, N.Y.-based brokerage firm of McGinn, Smith & Co., which conducted dealings in the alarm industry—when they appear in court on Aug. 7, according to the Time Union, an...
This Blog's on Fire (And Other Stuff)
Will security investors McGinn and Smith do time?
May 29, 2013Tess Nacelewicz
Security industry investors Timothy McGinn and David L. Smith are set to be sentenced next month and could face years in prison after being convicted of fraud earlier this year. But whether they'll be sent to prison or just get probation and how much the Albany, N.Y.-based brokers owe as a result of their fraudulent activities are questions that remain up in the air, according to a recent article from the Time Union, an Albany, N.Y.-based newspaper.
The two men are seeking leniency and having friends...
McGinn, Smith seek acquittal
March 1, 2013SSN Staff
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...
McGinn, Smith found guilty of fraud
February 13, 2013Tess Nacelewicz
ALBANY, N.Y.—A federal jury on Feb. 6 convicted security industry investors Timothy McGinn and David L. Smith of conspiracy to commit mail and wire fraud, mail fraud, wire fraud, securities fraud, and filing false tax returns, according to Richard Hartunian, U.S. attorney for the Northern District of New York.
The two—who also are facing a civil suit by the Securities and Exchange Commission claiming they bilked investors of at least $80 million in a Ponzi scheme—will be sentenced...
This Blog's on Fire (And Other Stuff)
Fraud trial, white gloves in McGinn, Smith case
July 11, 2012Tess Nacelewicz
When the Securities and Exchange Commission charged alarm industry investors David L. Smith and Timothy McGinn in 2010 with running a Ponzi scheme that defrauded investors of at least $80 million, one of the SEC's contentions was that some of the money was diverted to pay for “strippers and go-go dancers” on McGinn's You Only Live Once cruise ship business.
Now, a judge has ordered that another cruise business associated with the case—this one with the tonier name of...
McGinn Smith Alarm Trading accounts sold for $2m
April 25, 2012Tess Nacelewicz
ALBANY, N.Y.—More than 5,000 alarm accounts managed by McGinn Smith Alarm Trading LLC have been auctioned to Security Systems Inc. of Cromwell, Conn. for more than $2 million, legal documents show.The accounts were auctioned off early this month by the receiver that a court appointed to oversee the assets of Security industry investors Timothy McGinn and David L. Smith—who are battling a civil lawsuit filed by the Securities and Exchange Commission in 2010 that contends they bilked investors...
McGinn, Smith indicted on fraud charges
February 1, 2012Tess Nacelewicz
ALBANY, N.Y.—Security industry investors Timothy McGinn and David L. Smith—already being sued by the Securities and Exchange Commission on a claim they bilked investors of at least $80 million in a Ponzi scheme—now are facing criminal charges that could send them to prison for years, if convicted.
A New York grand jury last week indicted McGinn, 63, and Smith, 66—the founders of an investment firm based here that conducted dealings in the alarm industry—on 30 counts...
SSN's top 10 stories of 2010
December 22, 2010Daniel Gelinas
YARMOUTH, Maine—As 2010 draws to a close the editors at Security Systems News take a look back and see what the most read stories of the year were. What was making the news? What were you most interested in knowing?
Below is a non-sequential, categorized rundown of the top 10 most read stories on our site from Jan. 1 to Dec. 11, followed by a linked top 10 list.
The top category for 2010 was “For sale/SOLD!” Acquisition stories had a large showing in 2010 with a full half...
New investment venture for two charged with fraud
October 28, 2010Tess Nacelewicz
ALBANY, N.Y.—Security alarm investors Timothy McGinn and David Smith—whom the SEC charged earlier this year with bilking investors of at least $80 million in a Ponzi scheme—are reportedly involved in a new investment venture. Their new business, Security Alarm Credit, has come under the SEC's radar.
“We are aware of it and have alerted the court to it,” Andrew Calamari, associate director of the SEC's New York Regional Office, said Oct. 27. “But at the...