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Fake Billionaire Fund Manager Charged with Running $6M Ponzi Scheme

1 min read
Source: Bloomberg
Fake Billionaire Fund Manager Charged with Running $6M Ponzi Scheme
Photo: Bloomberg
TL;DR

Former Chicago commodities trader Phillip Galles has been arrested and charged with wire fraud for allegedly stealing over $2 million from victims by lying about investing their money in commodity futures. Galles boasted of owning a non-existent collection of 122 luxury cars and promised phony returns exceeding 200%.

Topics:businesscrime#chicago#commodity-trading#crime#fraud#hedge-fund#ponzi-scheme
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  1. Fake Billionaire Fund Manager Phillip Galles Charged With Running Ponzi Scheme  Bloomberg
  2. Former investment firm owner defrauded clients of more than $2M, officials say  NJ.com
  3. Fake Billionaire Hedge Fund Manager Ran Ponzi Scam, US Says  Yahoo Finance
  4. $6M Ponzi Scheme: Braggart Hedge Fund 'Tycoon' Busted By Undercover NJ Fed  Daily Voice
  5. Fake Billionaire Busted in Alleged Ponzi Scheme  TheStreet
  6. View Full Coverage on Google News

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