The Daily Gazette
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Trial opens today in $9M investment fraud case

Albany brokerage firm partners accused of running Ponzi scheme

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Business partners Timothy McGinn and David Smith seemed to be on top of the world when the U.S. economy was flying. At the height of their prosperity, the longtime business partners had affluent homes, owned expensive country club memberships and bought thoroughbred racehorses. Their wealth even carried them into the cruise line business — investing in a company later described as a “sexually-oriented charter cruise venture” in federal court documents. Then the national recession touched ...

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