||09-14-2013 01:34 PM
$300 Million Ponzi Scheme
This guy is hiding out in Greenville. He just rented a house next to my parents.
Galemmo's attorney, Ben Dusing, advised him not to answer a number of our questions, specifically those surrounding the legal issues Galemmo is currently facing. According to a civil lawsuit filed against Galemmo, investors claim he bilked them of a combined $300 million. The lawsuit also states there are as many as 200 investors impacted, some from as far away as California.
FOX19's Amy Wagner said to Galemmo, "Investors want to know more than anything else where their money is."
"Unfortunately, the business was closed on July 17th. Unfortunately, investors lost money. Since that occurred, the government seized all of the assets that were left," he answered.
Galemmo's investors haven't heard from him since his family moved out of their East Walnut Hills home in July. That home, a condo in Marco Island, Florida, several vehicles and bank accounts have all been seized by the federal government. According to court documents, the IRS is conducting a criminal investigation into Galemmo for possible wire fraud, mail fraud and money laundering.
||09-14-2013 03:43 PM
Re: $300 Million Ponzi Scheme
Todd Ellis back at it?
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