Ponzi Scammer Glen Galemmo Receives 15-Year Sentence

Former Cincinnati money manager Glen Galemmo was sentenced on Thursday for running a Ponzi scheme that may have topped $100 million.

About a dozen investors’ testimony in court helped convince the judge to impose a stiff 15-year sentence.

Glen Galemmo – The modus-operandi

Hedge fund fraudster Glen Galemmo ran a Ponzi scheme at his Cincinnati-based Queen City Investments, which collapsed last year. Despite major losses, he claimed to have returned 432% from 2006 through 2011, without a losing year during the stretch.

According to prosecutors, Galemmo orchestrated the complicated fraud for at least seven years. The investment advisor would play a shell...