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McGinn, Smith found guilty of fraud

February 13, 2013Tess Nacelewicz

ALBANY, N.Y.—A federal jury on Feb. 6 convicted security industry investors Timothy McGinn and David L. Smith of conspiracy to commit mail and wire fraud, mail fraud, wire fraud, securities fraud, and filing false tax returns, according to Richard Hartunian, U.S. attorney for the Northern District of New York.The two—who also are facing a civil suit by the Securities and Exchange Commission claiming they bilked investors of at least $80 million in a Ponzi scheme—will be sentenced...

David Smith, Integrated Alarm Service Group, SEC, Timothy McGinn


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This Blog's on Fire (And Other Stuff)

Fraud trial, white gloves in McGinn, Smith case

July 11, 2012Tess Nacelewicz

When the Securities and Exchange Commission charged alarm industry investors David L. Smith and Timothy McGinn in 2010 with running a Ponzi scheme that defrauded investors of at least $80 million, one of the SEC's contentions was that some of the money was diverted to pay for “strippers and go-go dancers” on McGinn's You Only Live Once cruise ship business. Now, a judge has ordered that another cruise business associated with the case—this one with the tonier name of White Glove...

David L. Smith, Luxury Cruise Receivables, Ponzi, SEC, Securities and Exchange Commission, Security Systems News, Timothy McGinn, White Glove Cruises, You Only Live Once


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More problems for Platinum: It's now charged with defaulting on $700,000 loan

April 4, 2012Tess Nacelewicz

AMERICAN FORK, Utah—CPI Security Systems, a Charlotte, N.C.-based monitoring company, is suing Platinum Protection, claiming Platinum has defaulted on a $700,000 loan CPI made to the company in January.CPI contends in a lawsuit, filed March 29 in federal court in Utah against Platinum and its CEO Jared Hallows, that Platinum has not repaid the money as required. Also, CPI claims that Platinum is not able to properly maintain the 350 customer accounts that are collateral for the loan because...

Allen Jacobson, CPI Security Systems, Jared Hallows, Ken Gill, Platinum Protection, SEC, Securities and Exhange Commission, Security Systems News, Wendell Jacobson


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McGinn, Smith indicted on fraud charges

February 1, 2012Tess Nacelewicz

ALBANY, N.Y.—Security industry investors Timothy McGinn and David L. Smith—already being sued by the Securities and Exchange Commission on a claim they bilked investors of at least $80 million in a Ponzi scheme—now are facing criminal charges that could send them to prison for years, if convicted.A New York grand jury last week indicted McGinn, 63, and Smith, 66—the founders of an investment firm based here that conducted dealings in the alarm industry—on 30 counts that...

David L. Smith, Firstline Security, Integrated Excellence, Ponzi, Richard Hartunian, SEC, Securities and Exchange Commmission, Timothy McGinn


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New investment venture for two charged with fraud

October 28, 2010Tess Nacelewicz

ALBANY, N.Y.—Security alarm investors Timothy McGinn and David Smith—whom the SEC charged earlier this year with bilking investors of at least $80 million in a Ponzi scheme—are reportedly involved in a new investment venture. Their new business, Security Alarm Credit, has come under the SEC's radar. “We are aware of it and have alerted the court to it,” Andrew Calamari, associate director of the SEC's New York Regional Office, said Oct. 27. “But at the moment,...

Anchor Alarm, Andrew Calamari, David Smith, fraud, Holloway Security Consulting, Jennifer Holloway, Mike Latty, Ponzi scheme, SEC, Security Alarm Credit


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