ALBANY, N.Y. -- The former chief financial officer of McGinn Smith, a local investment group, admits to his role in a multi-million dollar fraud case.
Brian Shea pleaded guilty to one count of corruptly interfering with the administration of the internal revenue laws. Shea admitted that, under the direction of David Smith, he was involved with the misappropriation of investor's funds.
Investigators said that Smith, and Timothy McGinn, were responsible for stealing at least eight million dollars.
Shea will be sentenced in November, and faces up to three years in prison, and a $250,000 fine. The most serious counts against McGinn and Smith each carry a 30-year prison sentence, and a one million dollar fine.