Son Pleads Guilty in Pump-Dump Scam, Day After Dad

July 22, 2016, 4:00 AM

A California man admitted scamming investors of Gerova Financial Group Ltd. as part of a $20 million pump-and-dump scheme, a day after his father pleaded guilty to similar charges in what prosecutors said was just the latest episode in a history of fraud.

Jason Galanis of Los Angeles pleaded guilty July 21 in the U.S. District Court for the Southern District of New York to securities fraud and three other charges in exchange for a sentence of 10 years to 12 1/2 years in prison and a fine of $30,000 to $5 million (United States v. Galanishearing). He...

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