SEC ignored early warnings about Albany brokerage McGinn, Smith & Co.

Feb 5, 2012 | Posted by: roboblogger | Full story: Albany Times Union

A California businessman warned federal regulators and New York law enforcement officials six years ago about possible fraud at Albany brokerage McGinn, Smith & Co., whose co-founders were indicted last month in the region's largest financial fraud case.

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1 - 4 of 4 Comments Last updated Feb 7, 2012
Nina

Albany, NY

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#1
Feb 5, 2012
 

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in the olden days, they would say,
"who is watching the store."

so what gives here?
zeldo

Coxsackie, NY

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#2
Feb 5, 2012
 
yeah we lost 175,000.00 in that deal

its a good thing we had reserve $$$$$$ under the pillow..........
Ada

Aiken, SC

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#3
Feb 6, 2012
 
Nina asks, "Who's watching the store?" The answer to your logical question, Nina is, Sadly, "ABSOLUTELY NO ONE!" This is why McGinn & Smith could get away with their crimes for as long as they did! They were laughing all the way to the bank! Over the years, when investors became aware of the fraud by McGinn & Smith, they wrote letters of complaint to government agencies and some even went through FINRA arbitration as well to get their money back,but sadly, NO ONE WOULD LISTEN nor bother to reign in these two criminals! McGinn & Smith just became bolder and braver and continued their ponzi schemes and fraud! As we are reading, much damage has been done to peoples' financial stability which has brought much frustration, sadness and despair into their lives. Nina, those who were hired to watch the store are just as much to blame as the two criminals, Tim McGinn and David Smith.
Nina

Albany, NY

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#4
Feb 7, 2012
 

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Ada wrote:
Nina asks, "Who's watching the store?" The answer to your logical question, Nina is, Sadly, "ABSOLUTELY NO ONE!" This is why McGinn & Smith could get away with their crimes for as long as they did! They were laughing all the way to the bank! Over the years, when investors became aware of the fraud by McGinn & Smith, they wrote letters of complaint to government agencies and some even went through FINRA arbitration as well to get their money back,but sadly, NO ONE WOULD LISTEN nor bother to reign in these two criminals! McGinn & Smith just became bolder and braver and continued their ponzi schemes and fraud! As we are reading, much damage has been done to peoples' financial stability which has brought much frustration, sadness and despair into their lives. Nina, those who were hired to watch the store are just as much to blame as the two criminals, Tim McGinn and David Smith.
Ada, society has gotten too lax with everything. My thought is this: The crooks would never have tried this on
a member of John Gotti's family or a Mafioso. Sick situation.
take care Ada.

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