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Former McGinn Smith employee arraigned on 16 counts of grand larceny
Posted at: 09/19/2012 4:33 PM
| Updated at: 09/19/2012 6:00 PM
By: WNYT Staff
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ALBANY - A former employee of the embattled McGinn Smith investment firm is now accused of stealing millions of dollars from clients.
Mark Casolo was arraigned on 16 counts of grand larceny today.
An indictment alleges he stole roughly $2,200,000 from 16 victims between 2006 and 2009.
Instead of investing their money, prosecutors say Casolo took it and used it as his own, including to pay credit card bills and for travel and entertainment.
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