Ex-Banc of California CEO Accuses Galanis of RICO Violations

A group of equities research firms allegedly helped fraudster Jason Galanis get revenge on an ex-bank CEO who helped the government’s case against him, a July 24 suit says.

Galanis and the firms conspired to attack Steven A. Sugarman’s reputation after the former Banc of California head cooperated with the investigation into Galanis, the complaint filed in the U.S. District Court for the Northern District of California says. Sugarman accused the group of violating the Racketeer Influenced and Corrupt Organizations Act.

Galanis “attempted to hijack” Sugarman’s name and present him, the Banc of California, and two Sugarman entities—COR Capital LLC ...