Local Bankers Convicted of Fraud, Conspiracy, Tax Evasion Released Early

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Two Former area investment bankers who drew substantial prison terms in 2013 for defrauding hundreds of clients in a massive fraud scheme, have been released from prison and have been sent to halfway houses. 

71 year old Timothy McGinn was sentenced to 15 years in prison, and David Smith was sentenced to 10 years in prison. The convictions were for Fraud, Conspiracy and Tax Evasion.

The Times Union is reporting what is not clear, if the men were released early from prison, due to concerns about COVID-19 infections in prisons. The U.S. Attorney's office in Albany which prosecuted the case, cited more 30 million dollars in losses to at least 250 victims and had asked the judge to sentence the men to life in prison.

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