First Reports Of Alleged Massive Ponzi Scheme In Greater Cincinnati: ‘Tens If Not Hundreds Of Millions Of Dollars,’ Complaint In Hamilton County Says
From a civil complaint by investors against Glen Galemmo.
If the alleged Profitable Sunrise scheme were not bad enough in the Greater Toledo region of Northwest Ohio, there now are reports of a separate massive scheme in the Greater Cincinnati region of Southwest Ohio.
Investors have gone to court to accuse Glen Galemmo of East Walnut Hills of operating an elaborate scam that may have consumed “tens if not hundreds of millions of dollars,” according to a complaint in Hamilton County.
Galemmo was at the helm of several entities, including Queen City Investment Fund and Galemmo Investment Group, investors said.
See July 24 story in the Cincinnati Business Courier. The paper today followed up with this story, which reports one the the defendants in the case “was a pastor at a Cincinnati-area church.”
The IRS is reported to be investigating the Cincinnati case. Details remain sketchy.
The SEC and Ohio regulators are investigating the Profitable Sunrise case, amid allegations that the scheme traded on faith and was pushed in part by Nancy Jo Frazer and her purported ministries and charitable enterprises in the area of Bryan, Ohio. At least 35 regulatory agencies in the United States and Canada issued Investor Alerts or cease-and-desist orders against Profitable Sunrise, which purportedly was operated by “Roman Novak” through a global network of pitchmen.
This one is local to me and I know at least a few of the people involved. One lost a significant amount of money in what many here thought was an up and up investment firm.
Gregg, looks like you are going to be a busy little beaver between attending Nanci Jo’s hearing and this court action; that is if you plan on attending this one too.
I keep waiting for Pastor Troy Winters name to crop up in either of these or both. I was truly expecting to see him involved. After CEP & ASD maybe he learned his lesson?
This was a little “high rent” for Pastor Troy, I’m sure we’ll be seeing him again. Not all, but many of the victims of this one qualify as Qualified Investor according to the FINEA definition.