Victims of Ponzi scheme mastermind speak out - Cincinnati News, FOX19-WXIX TV

Victims of major Ponzi scheme speak out

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) 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 (FOX19) -

141 people are out millions of dollars at the hands Glen Galemmo and the repercussions of his major Ponzi scheme span beyond those defrauded investors.

"I don't have any feelings. Don't feel positive or negative about Mr. Galemmo."

That is what Kara Guckenberger had to say Thursday outside the downtown courthouse where Galemmo received a 15-year sentence for running one of the largest Ponzi schemes in Ohio history.

Guckenberger is the former president of Friends of the School for Creative and Performing Arts, a non-profit that in 2012 unanimously chose Galemmo to manage their 40-year-old fund.

Galemmo lost nearly a half a million dollars of that fund, leaving the Friends of the SCPA limited choices other than dissolving.

Guckenberger says the ultimate victims are the students, whose SPCA productions were funded by that money in addition to private lessons and scholarships.

In 2013, the Internal Revenue Service seized control of Galemmo's business, Queen City Investments. Galemmo pleaded guilty in January, admitting that he took millions of dollars from investors but never invested it.

Thursday's sentence came after two days of emotional victim testimony in a federal courtroom as part of the sentencing hearing.

"It was the most heartfelt, emotionally draining presentation of victims and consequences I have ever seen," said Jim Cummins, an investors attorney in the civil lawsuit against Galemmo.

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.

While the criminal proceedings are over for Galemmo, a civil case to recoup additional money is set to continue.

EXCLUSIVE: Glen Galemmo at center of alleged Ponzi scheme speaks out

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