Jason Galanis Tag Archives — Investor Lawyers Blog

美国银行Sued by Pension Funds Over $25B Tribal Bond Fraud Involving Jason Galanis

发表于：August 28, 2017 | byShepherd Smith Edwards & Kantas, LLP

In South Dakota federal court, a number of public employee retirement funds are suing US Bank NA (USB) for not identifying certain “red flags” as the signs of atribal bond fraud. The plaintiffs say they lost $25M in the offering scam and they believe that the bank decided to ignore the warnings that something was amiss.

The plaintiffs in the tribal bond fraud lawsuit include the Washington Suburban Sanitary Commission Employees’ Retirement Plan, which invested $4.1M, the Water Works Board of the City of Birmingham, which invested $4.3M, and the Omaha School Employees’ Retirement System affiliates, which invested $16.2M. According to the pension funds, their investment advisers were bought by fraudsters who put their money in bonds that a Native American tribe had issued.

美国银行担任部落债券的契约受托人。这意味着是债券持有人并处理了资金。原告希望损害许多违法行为，包括疏忽和违反合同。
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前投资银行家被判处部落债券欺诈

发表于：August 11, 2017 | byShepherd Smith Edwards & Kantas, LLP

Jason Galanis, an ex-investment banker, who is already serving eleven years behind bars for库存索具，因被判处五年徒刑fraud involving a Native American tribal bond. He must forfeit over $43M and pay nearly $44M of restitution.

In the tribal bond scam, Galanis and his father John Galanis are accused of convincing Oglala Sioux Tribe affiliate Wakpamni Lake Community Corp. of issuing $60M in municipal bonds. The two of them and others then misappropriated the proceeds from the bonds, including $8.5M for Jason personally. Meantime, bond investors were left with worthless securities while the tribal corporation had no means of paying the interest payments that it owed on the bonds.

根据起诉，债券骗局使加拉尼斯（Galanis）的部落债券客户和投资公众陷入困境，同时“欺骗美国原住民部落以发行债券”。加拉尼斯（Galanis）和他的同谋将这些债券（这些债券）卖给了养老金，并偷走了利润。同时，据称他们隐藏了利益冲突以及债券不是流动性的事实。

Securities News: SEC Orders Voya to Pay $3.1M For Not Disclosing Mutual Fund Sale-Related Payments, FINRA Bars Ex-Waddell & Reed Broker, and Alabama Pension Fund Loses Millions in Ponzi Scam

发表于：2017年3月15日 | byShepherd Smith Edwards & Kantas, LLP

Voya Accused of Not Disclosing Revenue Received for Mutual Fund Sales
The US Securities and Exchange Commission said that Voya Financial Advisors (VOYA) would pay approximately $3.1M to regulators and investors for not telling customers about revenue the firm was paid related to a mutual fund program that didn’t bill transaction fees. Voya’s clearing broker-dealer paid the firm a percentage of the money made from the mutual fund sales. This was information that should have been shared with investors.

此外，自2014年以来，Voya和第三方经纪公司卷入了一项单独的协议，根据该协议，Voya提供了某些行政服务，以换取涉及某些共同基金的服务费的百分比。监管机构说这些付款是冲突在其他投资中，这可能会影响公司对咨询客户的建议。作为解决方案的一部分，Voya将支付约260万美元的货币，约17.5万美元的利息和30万美元的罚款。但是，该公司没有否认或承认SEC的发现。

解雇的Waddell＆Reed经纪人被禁止使用证券行业bob200体育
金融行业监管机构已禁止该行业的前Waddell＆Reed Inc.经纪人。保罗·D·斯坦利（Paul D. Stanley）去年因涉嫌违反有关监督，赔偿和行为的政策而被公司解雇。

Securities Fraud: Prison Sentence Issued in $39M Ohio Penny Stock Scam, SIPC Warns About Fraud Invoking Its Name, & Investors Sue Banc of California

发表于：February 10, 2017 | byShepherd Smith Edwards & Kantas, LLP

Eight People Implicated in $39M Penny Stock Fraud Get Prison Sentences, Must Pay Restitution
In Ohio, eight people were sentenced to prison terms ranging from almost two years to a dozen years for their involvement in apenny stock scam这导致投资者遭受3900万美元的损失。一名被告Zirk de Maison被判处12年徒刑。他被命令支付3910万美元的赔偿金。其他被告还被命令支付较低额的赔偿金。

According to prosecutors, the defendants conspired to bilk investors and potential ones in a number of public issuers. They did this by putting out millions of shares and artificially controlling the price and volume of the shares that were traded. This was accomplished through undisclosed commissions paid to brokers, boiler room operators, and promoters who got investors to invest, as well as through the fraudulent concealment of ownership interests in the companies in which the funds were invested.

In some instances, brokers and ex-brokers were paid illegal kickbacks of sometimes up to 50%. Clients were not told of these payments. The co-conspirators used most of investors’ money to enrich themselves. Some of the defendants were boiler room owners.