Gerova Financial Group Executive once involved in the adult entertainment industry was recently sentenced to 11 years in prison after pleading guilty last August to securities fraud and other charges.
Jason Galanis, a Gerova Financial Group Executive, was sentenced in Manhattan federal court over charges stemming from his manipulation of the market for a publicly traded company, Gerova Financial Group Ltd., between 2009 and 2011.
According to prosecutors, the Gerova Financial Group executive was the ringleader of a multimillion-dollar fraud scheme that secretly acquired shares of Gerova and then manipulated the market by cashing out. We blogged about Galanis’ charges when he first pled guilty here.
Second Time Schemer
Galanis also targeted South Dakota’s Oglala Sioux in a separate $60 million bond scheme, using the proceeds to purchase luxury items and to invest in other ventures. He amassed nearly 5 million shares, and hid his ownership through the use of a shell company. Galanis eventually cashed out, netting himself a tidy sum of $20 million between 2007 and 2011. He has yet to be sentenced in this matter.
Did You Invest with Gerova Financial?
If you invested with Jason Galanis, Gerova Financial Ltd., or one of his related ventures, you may have certain legal rights that require your immediate attention.
Call a Los Angeles Securities Fraud Attorney Today
Contact an experienced Los Angeles securities fraud attorney today for a consultation to discuss your rights and options.