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SEC charges

Former McGinn, Smith brokers accused of aiding fraud

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, on Friday, January 27, 2012.
Photographer: Patrick Dodson
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, on Friday, January 27, 2012.
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William Lex was hammering David Smith with emails about the investments he was making for clients, complaining that the selling terms had changed and that some were starting to fear they had bought into a Ponzi scheme. In the missives sent in 2009, the Philadelphia-area broker openly worried about his clients not receiving payments. And he wondered how long investors would remain confident about the money they had entrusted to McGinn, Smith & Co. “My ...


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