Eduardo Galan, Fraud, New York 2013

Brockport Financial Advisor Arrested; Charged with Fraud

ROCHESTER, N.Y.--U.S. Attorney William J. Hochul, Jr. announced today that Eduardo Galan, 62, of Brockport, N.Y., 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.

Assistant U.S. Attorney John J. Field, who is handling the case stated that according to the complaint, Galan ran a financial services business under various names, including S&G Unlimited Services.

Operating as S&G Unlimited Services, the defendant devised a scheme to defraud multiple clients out of hundreds of thousands of dollars over a period of more than 10 years. Specifically, 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.

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. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources.

The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.

Source: https://www.justice.gov/usao-wdny/pr/brockport-financial-advisor-arrested-charged-fraud