CINCINNATI – A southwest Ohio money manager accused of bilking 141 investors in a Ponzi scheme fraud has been sentenced to 15 years in prison and ordered to pay $34.5 million in restitution.
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U.S. District Judge Herman Weber said he wanted to send a "loud, emphatic message" to fraudsters with the sentence of Glen Galemmo (Guh-LIM'-oh) on Thursday. The Cincinnati Enquirer reports (http://cin.ci/1tgwo1Q ) that Galemmo sat silently with his five children and wife watching. He and his attorney had urged a sentence of six years.
Galemmo apologized in court to the investors and others hurt by his scheme. Prosecutors say he used new investors' money to pay earlier investors, and fabricated glowing monthly reports.
Civil litigation continues in efforts to regain investors' money. Bank accounts totaling $1.5 million were seized.
Information from: The Cincinnati Enquirer, http://www.enquirer.com