- Net worth
- Unknown
- Crimes
- securities fraud, wire fraud, conspiracy
- Convicted of
- Securities fraud; conspiracy; investment adviser fraud (tribal bond and pension fund schemes)
- Original sentence
- More than 14 years' imprisonment (August 2017); additional schemes (2018–2020)
- Time served
- ~8 years before commutation
Background
Jason Galanis was a financier who orchestrated multiple securities fraud schemes. He was sentenced in the Southern District of New York to more than 14 years in prison for defrauding a Native American tribal entity and pension fund investors; Devon Archer was a co-defendant in the tribal bond scheme.
The Case
From March 2014 through April 2016, Galanis led a scheme to defraud a Native American tribal entity (Wakpamni Lake Community Corporation) and pension fund investors of tens of millions of dollars. He and co-conspirators induced the tribal entity to issue bonds, then sold the bonds to unwitting pension funds and misappropriated the proceeds for personal use, including luxury goods and other investments. Galanis also pleaded guilty to his role in the Gerova scheme, a separate market manipulation and securities fraud scheme involving a publicly traded company. He was sentenced in August 2017 to 173 months (more than 14 years) in prison. His conduct defrauded investors and pension funds, harmed the tribal entity, and undermined confidence in the financial system.
The Pardon
On March 28, 2025, President Trump granted Galanis a commutation of his sentence.
Sources
- DOJ Commutation Warrant
- DOJ Clemency Grants
- Jason Galanis sentenced to more than 14 years in prison (DOJ USAO-SDNY, Aug 2017)
- Jason Galanis pleads guilty in Manhattan federal court to multiple fraudulent schemes (DOJ USAO-SDNY, Jan 2020)
- U.S. charges 'Porn's New King' with tribal bond fraud (Reuters, May 2016)