Man dubbed 'Porn's New King' gets over 14 years in prison

Markets Associated Press

A Los Angeles man once dubbed "Porn's New King" was sentenced Friday to over 14 years in prison after cheating a Native American tribal entity and pension fund investors of tens of millions of dollars.

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Jason Galanis, 47, was sentenced to 14 years and five months in prison by U.S. District Judge Ronnie Abrams in Manhattan for a scheme that lost over $40 million.

Abrams said Galanis was "charming, manipulative and flat-out lying to people" as he carried out his crimes from March 2014 through April 2016.

Before the sentence was announced, Galanis said there "simply aren't enough words to fully describe how sorry I am."

"I stand before you humiliated, utterly humiliated," he added. "It will be with me forever."

In a release, Acting U.S. Attorney Joon H. Kim said Galanis and others cheated their tribal clients and the investing public to enrich themselves.

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He said they defrauded a Native American tribe into issuing bonds before selling the illiquid bonds to unwitting pension funds only to steal the proceeds for themselves.

"For his role in this campaign of theft and deception, Jason Galanis will now spend over 14 years in prison," Kim said.

Prosecutors said Galanis misappropriated over $8.5 million for his personal use, including to buy a home, jewelry, clothing, travel, entertainment and meals.

Forbes magazine labeled Galanis "Porn's New King" in 2004 after he bought the nation's biggest payment processor for internet pornography.