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Federal trial begins for partners accused of skimming millions

In this file photo from January 2012, Timothy M. McGinn, left, and David L. Smith, center, walk out of James T. Foley Federal Courthouse in Albany with their attorney, E. Stewart Jones, right.
Photographer: Patrick Dodson
In this file photo from January 2012, Timothy M. McGinn, left, and David L. Smith, center, walk out of James T. Foley Federal Courthouse in Albany with their attorney, E. Stewart Jones, right.
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Timothy McGinn and David Smith scrambled to create a back-dated trail of documents to cover their fraudulent activities as federal investigators began to close in on their Albany-based investment firm, the prosecutor told jurors during opening statements in their trial Tuesday. The longtime business partners had skimmed millions of dollars from investors and were hurriedly trying to cover their tracks with bogus promissory notes produced by company accountants, Assistant U.S. Attorney Elizabeth Coombe explained. The ...


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