Green, Schafle & Gibbs Investigates McGinn Smith Ponzi Scheme

Green, Schafle & Gibbs' Securities Litigation Team has opened an investigation into an alleged ponzi scheme operated by banned broker-dealer McGinn Smith, based in Albany, New York.

According to the SEC, at least 10 brokers at McGinn Smith were involved in a ponzi scheme to recommend unregistered investment products to their customers. The brokers recommended these products in spite of red flags which should have led them to look more closely at the products. 

The SEC’s named the former McGinn Smith brokers in an 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. 

The SEC stated that approximately 750 investors have been affected by the alleged fraud at McGinn Smith, which led to an estimated $80 million in investor losses.

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