Post by Logan on May 13, 2016 10:49:33 GMT -6
South Dakota Oglala Sioux Tribe caught up in $60 million scam
A man once dubbed "Porn's New King" was arrested in Los Angeles on Wednesday on charges he scammed the Oglala Sioux Tribe in South Dakota and other investors of more than $60 million.
Charges against Jason Galanis and six others were announced by U.S. Attorney Preet Bharara in Manhattan. Defense lawyers did not immediately comment.
Prosecutors said Galanis and others lied to an entity of the Oglala Sioux Tribe from March 2014 through April about how proceeds from its bonds would be invested. They said the dealings occurred with the Wakpamni Lake Community Corp., an economic development corporation arm of the Oglala Sioux Tribe of South Dakota’s Pine Ridge Reservation.
Tribal officials said late Thursday that they had just been informed of the matter on Wednesday and were working to determine what long-term impacts the bonds, reportedly valued at $43 million, could have on the Oglala Sioux.
Read more: rapidcityjournal.com/news/local/updated-south-dakota-oglala-sioux-tribe-caught-up-in-million/article_e49ba038-8b95-5f1a-b40d-7da496ce8d40.html
A man once dubbed "Porn's New King" was arrested in Los Angeles on Wednesday on charges he scammed the Oglala Sioux Tribe in South Dakota and other investors of more than $60 million.
Charges against Jason Galanis and six others were announced by U.S. Attorney Preet Bharara in Manhattan. Defense lawyers did not immediately comment.
Prosecutors said Galanis and others lied to an entity of the Oglala Sioux Tribe from March 2014 through April about how proceeds from its bonds would be invested. They said the dealings occurred with the Wakpamni Lake Community Corp., an economic development corporation arm of the Oglala Sioux Tribe of South Dakota’s Pine Ridge Reservation.
Tribal officials said late Thursday that they had just been informed of the matter on Wednesday and were working to determine what long-term impacts the bonds, reportedly valued at $43 million, could have on the Oglala Sioux.
Read more: rapidcityjournal.com/news/local/updated-south-dakota-oglala-sioux-tribe-caught-up-in-million/article_e49ba038-8b95-5f1a-b40d-7da496ce8d40.html