January 11, 2023

A man accused of defrauding ten pension funds out of $43 million has been ordered to pay over $10.2 million in disgorgement, interest, and penalties.  Jason Sugarman, his partner Jason Galanis, and six other co-conspirators had acquired control of two investment advisors with the intent to use their clients’ funds to purchase Native American tribal bonds.  Instead, the group misappropriated the funds and used them to acquire a foreign insurance company and the second investment advisor.  SEC

Tagged in: Financial and Investment Fraud,