Stockholders of an Irvine bank are urging the bank to examine its ties to a man who pleaded guilty earlier this year to securities fraud involving $68 million in bonds issued by a South Dakota Native American tribe.
Jason Galanis, a California financier and his father, John Galanis, have a history of financial fraud involving worthless stocks, bonds and other investments. The elder Galanis has a history of fraud and racketeering that dates back to the 1980’s. That history made the investors in the Banc of California nervous enough to request an outside investigation into the links between the Galanis family and bank executives.
Jason Galanis, along with several co-conspirators, manipulated stock prices for shares of the Gerova Financial Group. The complex conspiracy involved creating fake accounts and making fraudulent purchases to push the price of the stock up.
In July, Jason Galanis pled guilty to two counts of conspiracy to commit securities fraud, one count of securities fraud and one count of investment advisor fraud. He faces a maximum sentence of 20 years in prison and a $5.25M fine on those charges.
Los Angeles securities fraud attorney
If you’ve been accused of securities fraud, you’ll be facing a serious challenge brought by federal prosecutors. You will need the assistance of an experienced federal criminal defense attorney like Robert Helfend.
Mr. Helfend has provided superior criminal defense to his clients for more than 30 years. He takes cases in Los Angeles County and throughout Southern California. His aggressive style of defense ensures that his clients receive the best possible representation throughout the judicial process. Don’t gamble on an inexperienced attorney!
Contact Robert Helfend or call toll-free at (800) 834-6434, (310) 456-3317, (818) 591-2809 or (805) 273-5611 for an immediate consultation on your Los Angeles securities fraud case.
Photo Credit: nakashi, via Flickr.com