Trial begins for Glen Galemmo Ponzi scheme - WAFB 9 News Baton Rouge, Louisiana News, Weather, Sports

FOX19 Investigates: Galemmo trial

(FOX19) -

His case just gets bigger and bigger as the number of investigators, attorneys and lawsuits continues to grow. A Hamilton County judge has the tough job of making sense of it all.

In a courtroom full of attorneys, Judge Carl Stich says the best way to move forward may be to consolidate all of the lawsuits.

Each one represents investors of former Cincinnati Money Manager Glen Galemmo, who's accused of a Ponzi scheme bilking nearly 200 investors of a combined $300 million.

In September, Galemmo sat down and talked exclusively to FOX19 about the allegations against him. At the time, Galemmo said there was no pot of investors' money that he or his family has access to.   

"I am sincerely sorry investors lost money, that's the message I want to get out," said Palemmo.

Attorneys for those investors believe there is still money out there and they want it.

"Take a deep dive into finding this money," says Jim Cummins, an attorney for the investors. "This money has been redistributed and reinvested. The big mystery is to identify the current location of it and bring it back."

Galemmo is also being investigated by the IRS for money laundering and mail fraud. The results of that investigation could have a huge impact on investors.  

Next up is another hearing on November 26 where the judge will decide whether to consolidate those cases. The judge will also consider putting a person in place to try to begin recouping investors' money and figure out how much each should get. 

Copyright 2013 WXIX. All rights reserved.

  • Trending StoriesTrending StoriesMore>>

  • Severe reaction to new sandals leads woman on a painful path

    Severe reaction to new sandals leads woman on a painful path

        One woman wants to warn people about her painful path, the result of a severe and debilitating allergic reaction.  She had no idea what she was allergic to until she visited a fourth emergency room in two weeks.    

    More >>

    One woman wants to warn people about her painful path, the result of a severe and debilitating allergic reaction. She had no idea what she was allergic to until she visited a fourth emergency room in two weeks.    

    More >>
  • 'The Phantom' serial killer of children out of prison, living in Tucson

    'The Phantom' serial killer of children out of prison, living in Tucson

    Thursday, April 27 2017 12:17 AM EDT2017-04-27 04:17:43 GMT
    Friday, April 28 2017 11:32 PM EDT2017-04-29 03:32:02 GMT
    Convicted killer William Huff was spotted riding his bicycle through a Tucson neighborhood. (Source: 3TV/CBS 5)Convicted killer William Huff was spotted riding his bicycle through a Tucson neighborhood. (Source: 3TV/CBS 5)

    William Huff terrorized Sierra Vista during the spring and summer of 1967. Despite a sentence of 40 years to life, the Arizona Board of Executive Clemency voted to release him from prison into home arrest. Family members of the victims are concerned for the safety of the community, as are new members of the Clemency Board. CBS 5 Investigates videotaped Huff riding a bike through his Tucson neighborhood. There are no restrictions placed on his proximity to children.

    More >>

    William Huff terrorized Sierra Vista during the spring and summer of 1967. Despite a sentence of 40 years to life, the Arizona Board of Executive Clemency voted to release him from prison into home arrest. Family members of the victims are concerned for the safety of the community, as are new members of the Clemency Board. CBS 5 Investigates videotaped Huff riding a bike through his Tucson neighborhood. There are no restrictions placed on his proximity to children. 

    More >>
  • GRAPHIC: Buncombe Co. man admits to killing, dismembering pregnant TV chef, husband

    GRAPHIC: Buncombe Co. man admits to killing, dismembering pregnant TV chef, husband

    Thursday, April 27 2017 5:18 AM EDT2017-04-27 09:18:54 GMT
    Thursday, April 27 2017 7:27 PM EDT2017-04-27 23:27:02 GMT
    Robert Jason Owens' 2015 mug shot (Source: BCSO)Robert Jason Owens' 2015 mug shot (Source: BCSO)

    The Buncombe County man charged with murder in the deaths of a TV chef, her husband, and unborn child pleaded guilty to killing the victims and dismembering their bodies during a hearing Thursday and was sentenced to prison.

    More >>

    The Buncombe County man charged with murder in the deaths of a TV chef, her husband, and unborn child pleaded guilty to killing the victims and dismembering their bodies during a hearing Thursday and was sentenced to prison.

    More >>
Powered by Frankly