Galemmo accused of one of the largest fraud cases in OH history - KSLA News 12 Shreveport, Louisiana News Weather & Sports

Man facing one of the largest fraud cases in Ohio history

Posted: Updated:
Furniture seized at Glen Galemmo's home on Wednesday Furniture seized at Glen Galemmo's home on Wednesday
Glen Galemmo (Source: Facebook) Glen Galemmo (Source: Facebook)
  • KSLA News 12 HeadlinesMore>>

  • Lights at Haughton roadside memorial trashed, replaced

    Lights at Haughton roadside memorial trashed, replaced

    Wednesday, July 30 2014 11:14 PM EDT2014-07-31 03:14:41 GMT
    Missing items from a roadside memorial to an ArkLaTex girl who lost her life near the site has her family shocked and outraged.More >>
    Missing items from a roadside memorial to an ArkLaTex girl who lost her life near the site has her family shocked and outraged.More >>
  • South BC developer scraps subdivision plan, oil and gas company buys land

    South BC developer scraps subdivision plan, oil and gas company buys land

    Wednesday, July 30 2014 11:03 PM EDT2014-07-31 03:03:46 GMT
    Plans for a plot of land originally slated for a new subdivision in South Bossier City have been scratched, and while some neighbors are pleased to hear that, they aren't necessarily convinced that the replacement plan will be any better.More >>
    Plans for a plot of land originally slated for a new subdivision in South Bossier City have been scratched, and while some neighbors are pleased to hear that, they aren't necessarily convinced that the replacement plan will be any better.More >>
  • Landslide hits Indian village, killing at least 18

    Landslide hits Indian village, killing at least 18

    Wednesday, July 30 2014 10:49 PM EDT2014-07-31 02:49:32 GMT
    An Indian official says that more than 150 people are feared buried under a landslide that hit a village in western India following torrential rains.More >>
    Rescuers worked in rain Thursday to dig through a remote village in western India where at least 21 people died as a landslide swept away scores of houses, possibly trapping many more people under debris, officials said.More >>
CINCINNATI, OH (FOX19) -

The U.S. Attorney's Office seized the assets of Glen Galemmo, the Cincinnati investor at the center of an alleged Ponzi Scheme. 

At the same time, attorneys for Galemmo's investors say he could be responsible for the largest fraud in the history of the State of Ohio.

"I've never seen anything quite like this," Attorney Rick Wayne said. The second of two civil lawsuits against Galemmo includes 165 investors from coast to coast. Those investors claim they were bilked of a combined $300 million. 

Until Wednesday, Galemmo lived in East Walnut Hills.  FOX19 filmed that home being emptied by movers while a security guard stood by. 

Until last month, Galemmo operated the Queen City Fund, along with a number of other investment entities. 

Attorneys for his investors say those investment funds were a front for an elaborate Ponzi Scheme.  Attorneys add there also may be reason to believe Galemmo wasn't working alone.

While Galemmo is accused of defrauding investors of millions, attorneys say his lifestyle didn't reflect that. 

"We don't see he lived an extravagant lifestyle. We know he had a home in East Walnut Hills, had an office over on Park Avenue, a condo or piece of a condo in Florida," Wayne said.

The IRS is investigating Galemmo for wire and mail fraud as well as money laundering. They have seized Galemmo's Park Avenue office building as well as more than $330,000 in assets, an amount of money that angers investors.

"I can understand the frustrations of investors who deserve some answers," Galemmo's attorney Ben Dusing said.  

Galemmo has also turned over his passport. Dusing said he and his family left their home and are living with family out of state. 

"He was motivated in part by a concern for his personal safety," Dusing said.

Copyright 2013 WXIX. All rights reserved.

Powered by WorldNow