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Man Pleads Guilty in Ponzi Scheme

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Published on Dec 17, 2013

CINCINNATI (WKRC) -- A disgraced local money manager agrees to enter a guilty plea to charges connected to a ponzi scheme. Glen Galemmo is accused in a 100 million dollar mail and wire fraud case. A federal prosecutor says Galemmo will plead guilty to money laundering and wire fraud. The Business Courier reports his attorneys are asking for a prison sentence of eight to ten years. The prosecutor is asking for a sentence of up to 15 years. Agents say Galemmo exaggerated returns on his hedge fund and took more than 100 million dollars from his investors.

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