McGinn/Smith court hearing continued til May 18

At a court hearing yesterday, an Albany, N.Y. judge decided to continue Timothy McGinn and David Smith's hearing until May 18 at 2 p.m. In case you missed it, McGinn & Smith, two security industry insiders, and principals of investment company McGinn & Smith Co. and Albany-based Alarm Traders, had all their business and personal assets frozen in an emergency court order. The SEC has accused McGinn (who served as CEO of IASG) and Smith of running a $136 million Ponzi scheme. Here's the story I wrote with lots more background. "All of the restraints we obtained continue to be in effect until that time (the May 18 hearing)," Andy Calimari, SEC spokesman told me.