One of the good things about the financial crisis is that it’s finally forced the Securities and Exchange Commission (SEC) to really investigate the spending of brokerage houses.  One of the bad things is that now people are finding out just how extravagantly the other side is living, as the people who help you save your money are also spending money hand over fist.  The latest shocking news concerns Albany, New York, brokerage McGinn, Smith & Company.  The firm is alleged to have sold over $120 million dollars in debt offerings to raise money for strippers and personal bonuses.

Chairman Timothy McGinn and President David Smith, the McGinn and Smith in the company name,  are facing some serious legal consequences as a result of their actions.  “McGinn and Smith deceived investors about the true purpose behind these offerings,” said Andrew Calamari, associate director of the SEC’s New York regional office.  “They falsely promised investors a profitable payday but secretly siphoned off money for their own payroll.”

Yeah, that sounds about right.  Investors get bilked and they get rich and buy lap-dances.

Tags: Securities and Exchange Commission, SEC, Chairman Timothy McGinn, President David Smith, McGinn Smith & Co Inc., Albany, New York, brokerage sold debt offerings to pay for strippers, debt offerings, fraud

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