WNYT.com

Jury selection begins in McGinn-Smith trial

Posted at: 01/07/2013 11:59 AM
By: Andrew Murphy

 

Jury selection is underway in a federal courtroom in Utica in the trial against the founders of an Albany-based investment firm.

63-year-old Timothy McGinn of Clifton Park and 66-year-old David Smith of Saratoga Springs are on trial.

Prosecutors say McGinn and smith took $8 million from clients and were supposed to invest it for them.

Instead, the Justice Department says they used the money to lead a life of luxury.

Convictions could lead to 30 year prison sentences and a $1 million fine.