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

FOX19 Investigates: Galemmo trial

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(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. 

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