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SDNY Jason Galanis Gets 189
Months After $43M Restitution
To Tribal Entity He Defrauded
By Matthew
Russell Lee
SDNY COURTHOUSE,
Sept 24 – When repeat
fraudster John Galanis was
sentenced on March 8, 2019 in
the U.S. District Court for
the Southern District of New
York for swidling a Native
American tribal entity, the
Wakpamni Lake Community
Corporation, he was ordered to
pay over $43 million in
restitution.
It was ironic,
because part of Galanis'
argument against the 10 years
of imprisonment he was also
sentenced to was that the U.S.
Bureau of Prison has refused
or been unable to get him a
pair of orthopedic shoes,
leaving him in a wheelchair.
So a man without
shoes is billed $43 million -
and he is already 75 years
ago.
SDNY Judge Ronnie
Abrams focused on his age,
that he had committed two of
his four frauds in his late
sixties and early seventies.
Galanis on the other hand
blamed it on his son Jason;
his lawyer said he had really
meant to help the tribe. There
was no one in the courtroom to
make a victim's statement.
There were two marshals to
wheel Galanis away, ultimately
to the Bureau of Prisons'
Terminal Island facility near
Los Angeles. Terminal indeed.
Now on September
24, 2020, this: "JASON GALANIS
was sentenced to 189 months in
prison for his participation
in multiple fraudulent
schemes. In particular,
GALANIS was sentenced for his
role in a scheme to manipulate
the market for Gerova
Financial Group, Ltd.
(“Gerova”), a publicly traded
company listed on the New York
Stock Exchange, and defrauding
the shareholders of that
company (the “Gerova Scheme”),
and for defrauding the clients
of an investment advisory
firm. GALANIS was also
sentenced for his role in a
scheme to defraud a Native
American tribal entity and the
investing public of tens of
millions of dollars in
connection with the issuance
of bonds by the tribal entity
(the “Tribal Bond
Scheme”). GALANIS pled
guilty on January 31, 2020, to
a seven-count information
charging GALANIS with
participation in the Gerova
and Tribal Bond Schemes.
GALANIS was sentenced today by
United States District Judge
P. Kevin Castel... In addition
to the prison term, JASON
GALANIS, 50, was sentenced to
three years of supervised
release. GALANIS was
also ordered to forfeit
$80,869,117.10, as well as his
interest in properties in New
York and Los Angeles, and to
make restitution in the amount
of $80,817,513.43."
This case is US
v. Galanis et al., 15-cr-643
(Castel)
***
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