Indicted Alarm Brokers’ Contracts Up for Sale
Two former McGinn Smith employees, Brian Shea and Douglas Keenholts, have offered to purchase the business, which has 5,000 alarm contracts, for $1.75 million, The Business Review reports. The contracts brought in net revenue of $2.9 million for investors from mid-2010 through January 2012. A court hearing on the proposed sale is set for March 19.
McGinn, former CEO of Albany, N.Y.-based Integrated Alarm Services Group Inc. (IASG), and Smith face a 30-count indictment for allegedly swindling 900 investors out of $84 million and using the money to support their extravagant lifestyles. The proceeds of the sale would go toward repaying investors.
The men have pleaded not guilty to the charges and are out on bail.
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