An investment firm just got busted for defrauding clients of $120 million—some of which was funneled into a "sexually-oriented charter cruise venture." What is a "sexually-oriented charter cruise venture"? And does it have an unlimited soda plan?

Timothy McGinn and David Smith are the principals behind McGinn, Smith & Co., an Albany-based investment firm that was described as "quiet" in this 2004 Albany Business Review article. That's exactly right, if by "quiet" you mean "funding a cruise line targeted at swingers." As the SEC complaint puts it:

Investor money raised in offerings for the Trusts was routinely diverted to other McGinn Smith entities as liquidity needs of the enterprise dictated. The Defendants also used offering proceeds... to procure strippers for a "sexually themed" cruise.

A "sexually themed" cruise, you say? You mean, like the Titanic? According to the complaint, McGinn and Smith were channeling capital into "YOLO (You Only Live Once) Cruises," an entity of McGinn's creation (the complaint also alleges that McGinn managed a Florida-based cruise line called White Glove). YOLO Cruises' delightful website reveals that the cruise line "is defining the ultimate vacation for lovers in the Lifestyle." You know—the sexually-themed lifestyle.

Here are "some things you should know," according to the website:

• Nudity will be allowed at all pool areas and spa tubs while you are on board the ship. Nudity is not allowed in any other public areas.

• Sexual acts will be permitted in designated playrooms and your own staterooms.

• Special Themed Lifestyle parties will be provided at which nudity will be allowed.

"Frequently asked questions" include "Is there an Unlimited Soda Plan?" (A: "Yes!!!") "Are Payment Plans Available?" (A: Yes) and "What about photography on board?" (A: "Carnival semi nude erotic photography will be available").

Their blog, meanwhile, addresses such important questions as "What's The Name Of Your Swinging Group?" ("Obviously you can't call your swinging group the Pussycat Dolls as the name has already been taken") and "Who Wants To Party Like It's 1999?" ("You do!"). Those looking to book for large groups can check out the "What's Hot" section.

Still not convinced? Try the testimonials:

· "OMG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! The best vacation we have ever taken. We are in serious withdrawal from not being on the ship. We met SOOOO many people and had such a GREAT time. Everything was just perfect!"
-Mark & Tina A. from Bradenton, FL

· "Congratulations YOLO... That was the Best Lifestyle event we have attended in over 17 years in the Lifestyle & we have been to many. We missed signing up for next year while on ship, please send us info as to how to pre register for the 2010 YOLO FUN Cruise so we don't miss the FUN... Thanx again..."

-Bob & Christa from Boca Raton, FL

If you're ready to hit up the lifestyle with Timothy McGinn, call 866 699 9656 (YOLO) to book—according to the site, "Carnival Imagination" will set sail on October 29, 2010.

[YOLO Cruises]