A father and son are facing criminal and securities charges over allegedly fraudulent investments in Native American tribal bonds. The U.S. Attorney\u2019s office announced criminal charges against Jason and John Galanis and five other individuals. In a parallel action, the U.S. Securities and Exchange Commission (SEC) charged the same individuals with fraud, alleging that they used false tribal bonds to defraud investors and convert millions of dollars in proceeds to their own use. <\/p>\n
The SEC alleged in its report that Jason Galanis, who was previously charged with accounting and stock fraud in unrelated cases, conducted the operation, claiming that Galanis wrote in an email to associates that the \u201cprimary objective\u201d of the plan was to obtain \u201cdiscretionary liquidity.\u201d<\/p>\n
The SEC further alleged that Galanis and his father, John Galanis, structured limited recourse bonds and persuaded a Native American tribal entity affiliated with the Oglala Sioux Nation to issue them. The SEC claims (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A father and son are facing criminal and securities charges over allegedly fraudulent investments in Native American tribal bonds. The U.S. Attorney\u2019s office announced criminal charges against Jason and John Galanis and five other individuals. In a parallel action, the…<\/span><\/p>\n