New York Ponzi Schemers Spent Ill-gotten Gains on a ‘Sexually Themed Cruise’

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Timothy McGinn, 62, is a resident of Schenectady, New York. He is the chairman, secretary, and co-owner of MS & Co., as well as treasurer and indirect co-owner of MS Advisors. He is also one of several defendants charged by the SEC today with running a Ponzi scheme, the proceeds of which went to pay for, among other things, strippers for a “sexually themed” cruise. Look out, To Catch a Predator. The SEC is muscling in on your sexual-humiliation space. [PDF]