Judge stops sale of McGinn home in Niskayuna


Magistrate Judge David Homer has stopped the sale of the home of Timothy and Nancy McGinn in Niskayuna.

The McGinn home in Niskayuna

Timothy McGinn is the cofounder of the Albany brokerage McGinn, Smith & Co. that is the subject of  a securities fraud case brought by the U.S. Securities and Exchange Commission. The government has frozen most of his assets as part of the case, although his Niskayuna home was not included because the house is technically owned by his wife Nancy.

After the Times Union discovered Saturday that the home had been placed on the market for $759,000, the SEC moved to freeze Nancy McGinn’s assets as well, including the family home.

The asset freeze essentially prevents the house from being sold without a court order.

Nancy McGinn has not been accused of any wrongdoing in the case, but she is listed as a relief defendant that could be holding assets or money generated from the business dealings of McGinn, Smith.

Categories: Real estate
Larry Rulison

2 Responses

  1. Unbelievable says:

    Why are these people not in jail?

  2. LoganReed says:

    They were probably only doing what the free market allowed.
    Funny thing is that Newt Gingrich the one that played a large part in having all the banking regs removed is now considering a run for president.