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Feds: Albany brokers stole millions

McGinn, Smith face conspiracy, fraud counts

IRS Special Agent Victor Lessoff, left, speaks to the media with U.S. Attorney Richard Hartunian, center, and FBI Special Agent Clifford Holly on Thursday.
Photographer: Peter R. Barber
IRS Special Agent Victor Lessoff, left, speaks to the media with U.S. Attorney Richard Hartunian, center, and FBI Special Agent Clifford Holly on Thursday.
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Timothy McGinn and David Smith poured millions of dollars from their Albany brokerage firm into lavish homes, expensive country clubs and even thoroughbred race horses. Federal prosecutors claim they fueled their lifestyle by skimming money from $37 million invested into 17 private trust funds that later meant drastic losses for many of their clients. More than a quarter of the total amount invested into the trust funds went to benefit the firm through fees, or ...

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