SEC civil charges against 10 former NY brokers - Boston News, Weather, Sports | FOX 25 | MyFoxBoston

SEC civil charges against 10 former NY brokers

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ALBANY, N.Y. (AP) - The Securities and Exchange Commission has brought civil charges against 10 former brokers at a now defunct Albany-based securities firm whose owners were sentenced to federal prison.

The SEC, which in 2010 froze the assets of McGinn, Smith & Co., says the brokers misrepresented troubled investments they sold to customers.

The agency says about 750 investors were victimized, leading to $80 million in losses.

The SEC says its civil case continues against the firm as well as the owners.

In August, 65-year-old Timothy McGinn of Clifton Park was sentenced to 15 years and 68-year-old David Smith of Saratoga Springs got 10 years on fraud convictions. A federal judge ordered them to pay $5.7 million in restitution and costs.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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