ALBANY, N.Y. -- Jury selection is underway in the case of the two Albany-based investors accused of swindling clients out of $8 million.

Timothy McGinn, 63, and David Smith, 66, were indicted last year on mail and wire fraud charges, securities fraud, and filing false income tax returns.

Prosecutors say McGinn and Smith took funds they were supposed to be investing and covered it up in their bookkeeping. The two men pleaded not guilty to the charges when they were arraigned.

If convicted, they face 30 years in prison and a $1 million fine.