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What you need to know for 04/24/2017

Opening statements today in $9M investment fraud case

Opening statements today in $9M investment fraud case

Opening arguments are set to begin this morning in U.S. District Court in the case of Albany busines

Opening arguments are set to begin this morning in U.S. District Court in the case of Albany business partners Timothy McGinn and David Smith, who are accused of siphoning more than $9 million from investors to fuel their lavish lifestlyes.

Coverage of trial

Gazette reporter Justin Mason is in Utica today to report on the opening of the trial. Check back for updates to this story. To view Monday's story on the trial, click here.

The jury was seated on Monday in the case.

In 2010, the U.S. Securities and Exchange Commission accused the partners of the Albany-based McGinn and Smith & Co. of operating a complex Ponzi scheme through fraudulent debt offerings.

The civil case against the partners was followed by a 30-count criminal indictment returned in federal court in January 2011

The trial is expected to last up to four weeks, with testimony delivered Monday through Thursday.

A lot will be hanging in the balance for the partners during the trial. Some of the charges in the indictment carry penalties of up to 30 years in prison and a $1 million fine.

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