Fake Billionaire Fund Manager Phillip Galles Charged With Running Ponzi Scheme – Bloomberg

A former Chicago commodities trader was arrested and charged with fraud for lying to clients about everything from a non-existent collection of 122 luxury cars to phony returns that exceeded 200%.

Phillip Galles, 57, was charged in a criminal complaint unsealed Thursday with a single count of wire fraud for allegedly stealing more than $2 million from victims whose money he falsely claimed he was investing in commodity futures, according to a statement by New Jersey US Attorney Philip Sellinger.

Source: Fake Billionaire Fund Manager Phillip Galles Charged With Running Ponzi Scheme – Bloomberg