McGinn, Smith case a 'fundamental misunderstanding'
The federal government's criminal case against embattled brokers Timothy M. McGinn and David L. Smith is a "fundamental misunderstanding" and the two men never schemed to defraud the many investors who put their faith and money in the small Albany brokerage, the pair's attorneys said Tuesday on the opening day of their federal trial.
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#1 Jan 10, 2013
McGinn and Smith are gold-plated bums. I warned FINRA and the NY Attorney General years before the regulators woke up and took some action. In the interim, lots of people lost lots of money. The bureaus and bureaucrats have utterly failed investors.
#2 Feb 6, 2013
There are huge problems in the investment community, with crooked brokers deceiving investors, cheating investors, getting their undeserved commissions. Finally, in the end, these cheats often lose their licenses, but seldom do jail or prison time, and by then they have caused many investors to lose large sums of money. In the investment industry you can do major white collar crime, cheat people out of millions of dollars, and walk away. But break into someone's house and steal $20.00 and you go to prison. I have run into several cheats in the investment community, including McGinn and Smith. If they get prison time, they will be the only ones that I personally know who have. In his defense statement their attorney claimed that the investors in McGinn-Smith were “sophisticated”. I laughed when I read that. How are these so called “sophisticated investors” expected to recognize when a broker is lying to them. They can only detect the lying once it has already occurred, and by then they may have lost huge sums of money.
#3 Feb 6, 2013
More shmoes get taken for a ride or as they say a "fundamental misunderstanding".
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