September 24, 2020
Following a guilty plea, Jason Galanis was sentenced to nearly 16 years in prison for his role in multi-million dollar securities frauds. In the one scheme, Galanis acquired, but did not disclose, control of the Gerova Financial Group, Ltd. and caused the company to enter into transactions designed for his benefit, including issuance of Gerova stock for his benefit, which he subsequently sold while fraudulently maintaining the price of the stock through coordinated trades. In a second scheme, Galanis misappropriated the proceeds of bonds issued by Native American tribal entity the Wakpamni Lake Community Corporation. USAO SDNY
Tagged in: Criminal Proceedings, Financial and Investment Fraud, Securities Fraud,