McGinn, Smith brokers arraigned Friday | News

ALBANY - Led by their attorneys, Timothy McGinn and David Smith made a bee-line for a waiting SUV that belied their 60 plus years without wanting to discuss the charges against them.

"You heard the words in the courtroom, not guilty because they are not guilty," said McGinn attorney E. Stewart Jones. 

The two investment partners had just pleaded not guilty to the 30 federal charges against them.

McGinn and Smith are accused of bilking clients out of at least eight million dollars by downplaying risk, dipping into escrow funds and other financial no-nos.

Bail for each man was set at 100-thousand dollars bond. 

Attorneys argued successfully to expand their range of travel. In addition to New York, McGinn can moved to, from and within Florida. Smith can roam New England. Both say need the travel ability to earn money.

There was no discussion today of what happened to the funds so many clients had entrusted to McGinn, Smith.    

"Young first time investors looking to build an investment portfolio to elderly people looking to safeguard their nest egg," U. S. Attorney Richard Hartunian said Thursday when announcing the indictments. "They included a church school fund, a retired soldier, a retired nurse, a state employee and a college student. Some of the investors lost their entire life savings."