{"id":4767,"date":"2017-08-11T19:22:39","date_gmt":"2017-08-12T00:22:39","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4506"},"modified":"2022-03-30T15:03:23","modified_gmt":"2022-03-30T20:03:23","slug":"ex-investment-banker-sentenced-tribal-bond-fraud","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ex-investment-banker-sentenced-tribal-bond-fraud\/","title":{"rendered":"Ex-Investment Banker is Sentenced for Tribal Bond Fraud"},"content":{"rendered":"

Jason Galanis, an ex-investment banker, who is already serving eleven years behind bars for stock rigging<\/a>, has been sentenced to five years in prison for fraud involving a Native American tribal bond<\/a>. He must forfeit over $43M and pay nearly $44M of restitution.<\/p>\n

In the tribal bond scam, Galanis and his father John Galanis are accused of convincing Oglala Sioux Tribe affiliate Wakpamni Lake Community Corp. of issuing $60M in municipal bonds. The two of them and others then misappropriated the proceeds from the bonds, including $8.5M for Jason personally. Meantime, bond investors were left with worthless securities while the tribal corporation had no means of paying the interest payments that it owed on the bonds.<\/p>\n

According to the prosecution, the bond scam bilked Galanis\u2019 tribal bond clients and the investing public while \u201cdefrauding the Native American tribe into issuing bonds.\u201d Galanis and his co-conspirators sold the bonds, which were illiquid, to pension funds, and stole the profits. Meantime, they allegedly hid conflicts of interest and the fact that the bonds were not liquid.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Jason Galanis, an ex-investment banker, who is already serving eleven years behind bars for stock rigging, has been sentenced to five years in prison for fraud involving a Native American tribal bond. He must forfeit over $43M and pay nearly $44M of restitution. In the tribal bond scam, Galanis and his father John Galanis are […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3738,3741],"tags":[2719,2848],"class_list":["post-4767","post","type-post","status-publish","format-standard","hentry","category-investor-fraud","category-securities-fraud","tag-jason-galanis","tag-tribal-bond-fraud"],"yoast_head":"\nEx-Investment Banker is Sentenced for Tribal Bond Fraud — Investor Lawyers Blog — August 11, 2017<\/title>\n<meta name=\"description\" content=\"Jason Galanis, an ex-investment banker, who is already serving eleven years behind bars for stock rigging, has been sentenced to five years in prison for — August 11, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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