A federal jury has found the former owners of the Albany broker-dealer McGinn, Smith & Co. guilty of operating a Ponzi-like investment scheme in which prosecutors said more than $4 million was diverted for personal uses.
The jury found Timothy McGinn guilty of 27 of 29 counts and former partner David Smith guilty Feb. 6 of 15 of 29 counts after deliberating for four days following a four-week trial in Utica in the Northern District of New York.
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