4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Oceanside's Galanis and sons in trouble again

Criminal and civil charges for stock market fraud

Oceanside's Galanis family is in trouble again for alleged stock market fraud. Yesterday (September 24), the Securities and Exchange Commission civilly charged some family members with manipulating the stock market. At the same time, the United States Attorney for the Southern District of New York unsealed a criminal indictment charging members of the family and their allies with similar fraudulent actions.

Defendant John Galanis, 72, is an Oceanside resident. Also charged are three of his sons, Jason, Derek, and Jared Galanis. The father lives in Oceanside, as does son Derek. Jason Galanis lives in Los Angeles and Jared Galanis lives in Baltimore. Gavin Hamels, who was also charged, lives in Encinitas.

The defendants took "tens of millions of dollars" from investors, according to the U.S. Attorney's office for the Southern District of New York.

From 2009 to 2011, the defendants engaged in a scheme to manipulate the stock of Gerova Financial Group, unloading it as it rose, according to the New York U.S. Attorney's office. The defendants "fraudulently generated demand for Gerova stock by bribing investment advisers to purchase" the stocks that the defendants were dumping, according to the U.S. Attorney's office. Jason Galanis gained control of Gerova and caused it to engage in transactions he favored, say the criminal investigators.

The securities commission notes that John Galanis "has been a defendant in numerous [Securities and Exchange Commission] enforcement actions dating back to the 1970s," while Jason Galanis is "a securities fraud recidivist."

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

From the mind of Luc Besson

District B13 introduced American audiences to parkour
Next Article

Recorded on a trial version of Garage Band

Josh Rosenblum, Wavves, SeeYouSpaceCowboy, Bathwater Babies, Jewel

Oceanside's Galanis family is in trouble again for alleged stock market fraud. Yesterday (September 24), the Securities and Exchange Commission civilly charged some family members with manipulating the stock market. At the same time, the United States Attorney for the Southern District of New York unsealed a criminal indictment charging members of the family and their allies with similar fraudulent actions.

Defendant John Galanis, 72, is an Oceanside resident. Also charged are three of his sons, Jason, Derek, and Jared Galanis. The father lives in Oceanside, as does son Derek. Jason Galanis lives in Los Angeles and Jared Galanis lives in Baltimore. Gavin Hamels, who was also charged, lives in Encinitas.

The defendants took "tens of millions of dollars" from investors, according to the U.S. Attorney's office for the Southern District of New York.

From 2009 to 2011, the defendants engaged in a scheme to manipulate the stock of Gerova Financial Group, unloading it as it rose, according to the New York U.S. Attorney's office. The defendants "fraudulently generated demand for Gerova stock by bribing investment advisers to purchase" the stocks that the defendants were dumping, according to the U.S. Attorney's office. Jason Galanis gained control of Gerova and caused it to engage in transactions he favored, say the criminal investigators.

The securities commission notes that John Galanis "has been a defendant in numerous [Securities and Exchange Commission] enforcement actions dating back to the 1970s," while Jason Galanis is "a securities fraud recidivist."

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Driving a plane on Interstate 5, buying liquor in Tijuana

Women who love heroin, Seal lover on the Silver Strand, why Dean Martin greater than Elvis
Next Article

Old Joe and the Border Boys

Now playing in wide release!
Comments
4

The part of this story most don t know is they created Stillwater asset that targeted law firm by pretending they will finance lawsuit but the law firm end up getting screw .They clone them self into LFR and still trying to collect money that was never given what a circle of crook

Sept. 25, 2015

jeanc: Some people would applaud this alleged caper: they screwed a law firm. That's a plus for mankind. Best, Don Bauder

Sept. 25, 2015

Bob Hudson: Incarceration is a possibility since they were charged criminally by the U.S. Attorney's office. Best, Don Bauder

Sept. 25, 2015

Mike Murphy: That's what a recidivist does: pulls something he has pulled before. Best, Don Bauder

Sept. 25, 2015

Sign in to comment

Sign in

Art Reviews — W.S. Di Piero's eye on exhibits Ask a Hipster — Advice you didn't know you needed Best Buys — San Diego shopping Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits City Lights — News and politics Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Excerpts — Literary and spiritual excerpts Famous Former Neighbors — Next-door celebs Feast! — Food & drink reviews Feature Stories — Local news & stories From the Archives — Spotlight on the past Golden Dreams — Talk of the town Here's the Deal — Chad Deal's watering holes Just Announced — The scoop on shows Letters — Our inbox [email protected] — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Of Note — Concert picks Out & About — What's Happening Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Pour Over — Grab a cup Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Drinks All Around — Bartenders' drink recipes Sheep and Goats — Places of worship Special Issues — The best of Sports — Athletics without gush Street Style — San Diego streets have style Suit Up — Fashion tips for dudes Theater Reviews — Local productions Theater antireviews — Narrow your search Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Waterfront — All things ocean Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close