Related Federal Cases
Brockport Financial Advisor Arrested for Fraud
Rochester, N.Y.–A shocking case of financial deception has rocked the small town of Brockport, New York, as 62-year-old financial advisor Eduardo Galan, was arrested and charged by criminal complaint with fraud. The charge carries a maximum penalty of 20 years in prison, a fine of $250,000 or both.
According to Assistant U.S. Attorney John J. Field, who is handling the case, Galan ran a financial services business under various names, including S&G Unlimited Services. Field stated that Galan devised a scheme to defraud multiple clients out of hundreds of thousands of dollars over a period of more than 10 years.
As the investigation revealed, Galan promised his clients that he would invest their money in private mortgages, but instead used their money for personal and business expenses and to pay earlier investors in a Ponzi-type scheme. This egregious breach of trust has left many in the community reeling.
Galan made an initial appearance this afternoon before U.S. Magistrate Judge Jonathan W. Feldman. The defendant is due back in court on March 14, 2013.
This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force, which aims to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.
The investigation was led by Special Agents of the Federal Bureau of Investigation, under the direction of Special Agent in Charge Christopher M. Piehota.
The fact that a defendant has been charged with a crime is merely an accusation, and Eduardo Galan is presumed innocent until and unless proven guilty.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: DOJ Press Release ↗
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