A Los Angeles man who was born into a life of opulence and white-collar crime was ordered to serve more than 14 years behind bars for ripping off poor Native Americans, a sentence that tacks five years to time he’s already doing for a separate fraud.
Jason Galanis, who pleaded guilty in January to duping a South Dakota Sioux tribe in a $60 million bond-issuing scam, was sentenced Friday in Manhattan federal court. Sporting blue prison garb, a long beard, and hair combed neatly to his shoulders, he told the court of his humiliation since being arrested more than a year ago.
“There aren’t enough words to describe how remorseful I am,” he said, reading from a prepared statement and speaking softly. “I’ll never live down the shame. It’ll be with me forever.”
Galanis, 47, is already serving 11 years for another crime. The Greenwich, Connecticut, native pleaded guilty in July 2016 to swindling investors in a Bermuda-based financial-services firm, Gerova Financial Group Ltd., out of $20 million. As part of that plea, he also admitted to aiding a corrupt investment adviser in bilking clients out of $18 million through an entity called Fund.com.
His Ponzi-like fraud against the Sioux tribe defrauded pension funds from Illinois to Alabama out of $40 million by inducing them to buy worthless bonds. He spent about $9 million of the proceeds on expenses for a Bel Air mansion, a Manhattan apartment, a jet, jewelry and cars. He tried to justify the spending by saying he’d “preemptively compensated” himself for his role in aiding the tribe, court records show.
“You’ve spent a good deal of your…