By LARRY NEUMEISTER Associated Press
NEW YORK
A man once dubbed "Porn's New King" was arrested in Los Angeles on Wednesday on charges he scammed a Native American tribe and others 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 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 the Pine Ridge reservation in South Dakota.
The government alleges that Galanis and the others spent most of the proceeds on homes, cars, travel and jewelry. It said they duped investors into buying the bonds as well. Galanis was charged with conspiracy to commit securities fraud, conspiracy to commit investment adviser fraud and investment adviser fraud.
Read more here: Man once dubbed 'Porn's New King' is charged in tribal fraud | The Sacramento Bee
NEW YORK
A man once dubbed "Porn's New King" was arrested in Los Angeles on Wednesday on charges he scammed a Native American tribe and others 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 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 the Pine Ridge reservation in South Dakota.
The government alleges that Galanis and the others spent most of the proceeds on homes, cars, travel and jewelry. It said they duped investors into buying the bonds as well. Galanis was charged with conspiracy to commit securities fraud, conspiracy to commit investment adviser fraud and investment adviser fraud.
Read more here: Man once dubbed 'Porn's New King' is charged in tribal fraud | The Sacramento Bee
3 to 5 in the low level prison ( out in 2 for good behaviour) and then back to his millions 
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