Ponzi scheme mastermind sentenced to 15 years in prison
Glen Galemmo received the maximum sentence of 188 months in federal prison and must pay $35 million in restitution, a judge ruled Thursday. (FOX19 NOW file photo)
CINCINNATI, OH (FOX19) -
Glen Galemmo, the man behind one of the largest Ponzi schemes in Ohio history, was sentenced to 15 years in prison Thursday.
U.S. District Judge Herman J. Weber gave Galemmo the maximum sentence of 188 months in federal prison. Galemmo must also pay $35 million in restitution.
Galemmo pleaded guilty in January, admitting that he took millions of dollars from investors but never invested it. According to court records, the amount was somewhere between $7 and $20 million -- with as many as 200 victims.
On Wednesday, former investor John Rush told the judge there are two different Galemmo's.
He stated the first is the "Honorable Glen Galemmo," a man he considered a friend for nearly 15 years and invested with for more than a decade. Rush also referred to what he calls the "Duplicitous Glen Galemmo," who he said deceived and defrauded more than 140 investors.
"The domino effect of his actions is deep and wide," Rush told the court.