Marked as
Published - February 5, 2026
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McGinn, Smith & Co., Inc. was a broker-dealer firm based in Albany, New York, co-founded and owned by David L. Smith and Timothy M. McGinn.
Co-founder
Medium Risk
Based on the available data, we suggest consumers approach this Company with caution.
This advisory is based on a medium-risk score derived from OSINT, Adverse Media, Reviews, and Risk Factors identified in our research.
You may face moderate risks when engaging in consumer-related activities with this entity.
Based on the available data, we advise employees to be mindful when considering or continuing work with this Company.
This advisory stems from a medium-risk score compiled from OSINT, Adverse Media, Reviews, and Risk Factors uncovered in our analysis.
Employment with this entity may involve moderate risks.
Based on the available data, we recommend investors and bankers proceed with caution regarding this Company.
This advisory is informed by a medium-risk score based on OSINT, Adverse Media, Reviews, and Risk Factors identified through our investigation.
Financial involvement with this entity may carry moderate risks to your interests.
Safe to Onboard
Enhanced Due Diligence required
Do Not Onboard
Monitor adverse media every 6 months
File SAR (Suspicious Activity Report) is warranted
Escalation to compliance committee
None
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Investors Harmed
The firm was subject to multiple SEC and FINRA enforcement actions for securities law violations and investor misconduct.
The co-founders were criminally convicted for securities fraud, conspiracy, wire fraud, mail fraud, and tax-related offenses.
Hundreds of investors reportedly suffered substantial financial losses, amounting to tens of millions of dollars.
Court findings showed investor money was diverted to unauthorized purposes, including operational expenses and preferential payments.
Regulators cited misleading disclosures, omitted material risks, and undisclosed conflicts of interest in investment offerings.
Certain offerings were described as having Ponzi-like characteristics, with new investor funds used to satisfy earlier obligations.
Regulatory and Compliance Screening
Litigation and Legal Proceedings
Reputational and Adverse Media Risks
Geographic and Jurisdictional Risk
What you see here scratches the surface
We offer reward for actionable intel
David L. Smith was co-owner and founder of Albany, New York broker-dealer McGinn, Smith & Co., Inc.
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David L. Smith was co-founder of McGinn, Smith & Co., indicted for fraud and securities crimes in a Ponzi-like scheme defrauding investors.
Other Red-Flags and Adverse News
Based on user engagement on this review profile, ProConsumer will decide to publish its Risk Audit report for public if a threshold engagement, traffic and user input is achieved.
Known Assets: [Real estate, investments, companies]
Suspicious Transactions
Liabilities: [Bankruptcies, defaults, debts]
Wealth Sources: [Legitimate / Unclear / High-risk]
Bank Relationships
Ultimate Beneficial Owner(s) (UBOs)
Shareholding structure
Associated entities & subsidiaries
Offshore / shell company links
Trusts / Nominee arrangements
Business Model Assessment
All comments are user-generated content and may not be verified. They represent the personal opinions of the public and should not be relied upon. These comments do not influence or determine our overall rating.
2
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4
Highly experienced
Well-recognized name
Faced allegations of scamming others
Allegedly sold fake silver
Sued multiple times
Unregulated industry
Alarming number of complaints online
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McGinn Smith & Co. seems like a textbook example of how even long-running financial firms can collapse under fraud and mismanagement. Investors reportedly lost tens of millions, with unregistered funds and Ponzi-like schemes. The SEC and FINRA enforcement actions, plus multiple court cases, make it clear the company’s operations were extremely unreliable. Anyone thinking of putting money into similar firms should really pay attention to the warning signs.
2/5
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