CINCINNATI, OH (FOX19) - Glen Galemmo, the former Cincinnati money manager at the center of a massive ponzi scheme, admitted his guilt in a federal court today.
"On behalf of Mr. Galemmo, he says I'm sorry. I've done wrong and I am trying to do what I can to make it right," said Ben Dusing, Galemmo's attorney to reporters gathered on the courthouse steps.
For the first time today, Galemmo admitted publicly he took millions of dollars from investors, but never invested it. That amount, according to today's plea deal, was somewhere between $7 and 20 million, with as many as 200 victims.
On Wednesday, Galemmo entered a guilty plea to money laundering and wire fraud. Each is punishable with up to 20-years in prison. Today's recommendation is that Galemmo face between eight and 15 years, plus restitution and forfeiture of his assets.
According to Kenneth Parker, the head of the Criminal Division at the U.S. Attorney's Office, "He created falsehoods to sustain this and after a particular amount of time this always happens. These schemes do collapse."
Galemmo, whose Park Avenue office building was raided by federal agents in July, sat down and talked exclusively with FOX19's Investigative Reporter Amy Wagner in September.
At the time, Galemmo claimed, "I believe the truth will come out in the end when the process has run its course in the legal matters."
FOX19's Wagner spoke to Galemmo's attorney Ben Dusing on Wednesday.
"A few months ago when I talked to glen he said the truth will come out in the end," said Wagner. "Do you feel the truth has come out at this point?"
Dusing said, "No." But he indicated more answers will come when Galemmo is sentenced, which is currently scheduled for May 28.
Until then, federal investigators will focus their attention on how much money Galemmo took in and how much of that money remains.
"Once we get the final amount, we'll work with the victims and hopefully get a little bit of their money back as much as we can," said Kathy Enstrom, Special Agent in Charge of the IRS Field Office. She went on to say, "A person who creates a web of financial lies will soon be caught up in it."