Two upstate New York investment brokers have been given federal prison sentences for diverting more than $4 million of their clients' funds to pay personal expenses, their firm's employees and its preferred clients.
Local media outlets report that 65-year-old Timothy McGinn of Clifton Park was sentenced Wednesday to 15 years and 68-year-old David Smith of Saratoga Springs got 10 years. A federal judge in Utica also ordered them to pay $5.7 million in restitution and costs.
State police say a trooper who stopped for a disabled car in Westchester County discovered the driver was wanted by the Secret Service for an alleged $1 million wire fraud. WAMC’s Tristan O’Neill reports…
The arrest occurred Sunday evening on the Sprain Brook Parkway in Yonkers.
Darrin Foster, of the Bronx, is accused of stealing the money from his former employer, an investment firm in Westport, Conn.
Police also discovered that Foster allegedly had a suspended license for failure to pay child support.