October 25, 2014 5:41 AM ET

Capital Markets

Company Overview of McGinn, Smith & Company, Inc.

Company Overview

McGinn, Smith & Company, Inc. is an online investment bank that provides online discount, advanced direct-ECN access, traditional managed brokerage, and investment content services. The company’s Website, IPOSyndicate.com, offers IPO data, VC news and data, real-time quotes, streaming quotes, and research content. McGinn, Smith & Company, Inc. is based in Albany, New York.

99 Pine Street

Albany, NY 12207

United States

Phone:

518-449-5131

Fax:

518-449-4894

Key Executives for McGinn, Smith & Company, Inc.

President and Chief Executive Officer
Age: 69
Chief Financial Officer
Age: 55
Chairman and Secretary
Age: 65
Compensation as of Fiscal Year 2014.

McGinn, Smith & Company, Inc. Key Developments

U.S. Securities and Exchange Commission Charges 10 Brokers for Roles in McGinn Smith Ponzi Scheme

The Securities and Exchange Commission announced charges against 10 former brokers at an McGinn, Smith & Company, Inc. at the center of a $125 million investment scheme for which the co-owners have received jail sentences. The SEC filed an emergency action in 2010 to halt the scheme at McGinn Smith & Co. and freeze the assets of the firm and its owners Timothy M. McGinn and David L. Smith, who were later charged criminally by the U.S. Attorney's Office for the Northern District of New York and found guilty. The SEC's Enforcement Division alleges that 10 brokers who recommended the unregistered investment products involved in the scheme made material misrepresentations and omissions to their customers. The registered representatives ignored red flags that should have led them to conduct more due diligence into the securities they were recommending to their customers. The SEC's order names 10 former McGinn Smith brokers in the administrative proceeding: Donald J. Anthony, Jr. of Loudonville, N.Y., Frank H. Chiappone of Clifton Park, NY., Richard D. Feldmann of Delmar, N.Y., William P. Gamello of Rexford, N.Y., Andrew G. Guzzetti of Saratoga Springs, N.Y., William F. Lex of Phoenixville, Pa., Thomas E. Livingston of Slingerlands, N.Y., Brian T. Mayer of Princeton, N.J., Philip S. Rabinovich of Roslyn, N.Y. and Ryan C. Rogers of East Northport, N.Y. According to the SEC's order, the scheme victimized approximately 750 investors and led to $80 million in investor losses. Guzzetti was the managing director of McGinn Smith's private client group from 2004 to 2009, and he supervised brokers who recommended the firm's offerings. The SEC's Enforcement Division alleges that despite his knowledge of serious red flags, Guzzetti failed to take any action to investigate the offerings and instead encouraged the brokers to sell the notes to McGinn Smith customers.

Similar Private Companies By Industry

Company Name Region
Covert & Co. United States
Sequoia Equities Securities Corporation United States
Weeden Prime Services, LLC United States
The Malachi Group, Inc. United States
Harris Investor Services L.L.C. United States

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Bertelsmann AG Europe
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact McGinn, Smith & Company, Inc., please visit www.mcginnsmith.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.