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Ponzi Scheme

Police & Fire
$6M Ponzi Scheme: Braggart Hedge Fund 'Tycoon' Busted By Undercover NJ Fed $6M Ponzi Scheme: Braggart Hedge Fund 'Tycoon' Busted By Undercover NJ Fed
$6M Ponzi Scheme: Braggart Hedge Fund 'Tycoon' Busted By Undercover NJ Fed The well-heeled hedge fund tycoon from Chicago seemingly couldn’t help but boast of some spectacular achievements during a meeting with an investment manager in New Jersey. There were annual returns of 336 percent, more than $2 billion raised in just 60 days and a list of investors that included a well-known owner of a professional sports team, authorities said. Phillip Galles, 57, also took a page from George Santos’s book, claiming that he’d graduated from a prominent university in the Midwest, they said. Galles’s “outlandish claims of experience, expertise and success” were all BS, a co…

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by Jerry DeMarco
News
Ex-Trump PAC Exec Who Blamed 'That B****' Hillary Clinton For Probe Indicted By Feds In NJ Ex-Trump PAC Exec Who Blamed 'That B****' Hillary Clinton For Probe Indicted By Feds In NJ
Ex-Trump PAC Exec Who Blamed 'That B****' Hillary Clinton For Probe Indicted By Feds In NJ A former pro-Trump PAC exec who blamed "that b**** Hillary Clinton" for his troubles with the law swindled more than two dozen investors out of $7 million, an indictment returned Tuesday by a federal grand jury in Newark alleges. U.S. Homeland Security agents a year ago this month smashed the alleged Ponzi scheme that they said New Jersey-based businessman David Schamens, 65, used to fund a lavish lifestyle. Now comes a March 28 indictment that charges him with wire fraud, securities fraud and money laundering. Schamens, of Greensboro, North Carolina, used some of the investment money fro…

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by Jerry DeMarco