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.