It's been called the largest financial fraud in the history of Ohio and a court document obtained by FOX19 alleges it was a family affair.
Glen Galemmo is the former Cincinnati investment manager at the center of an alleged ponzi scheme.
In an amended complaint filed in Hamilton County this week, the attorney for several of Galemmo's investors claim his brother-in-law Richard Morris was involved in soliciting investors for an alleged ponzi scheme.
The complaint goes on to allege Galemmo's wife, Kristine, also played a part. It states Kristine was involved in "soliciting investments from investors, for which role Mrs. Galemmo was referred to as "Kris the Closer."
The attorney for the Galemmos, Ben Dusing, calls the claim way off-base.
"The simple fact of the matter is she had no involvement whatsoever with any of the funds her husband was involved in. The allegations are simply false," Dusing said.
What is true, claims Jerry Bakelman - one of Galemmo's investors, is the loss of his investment has been life-changing.
"It is devastating. We planned on retiring next year enjoying life.. Glen has taken all of that away," Bakelman told FOX19 Investigative Reporter Amy Wagner on the phone from his home in Lehigh Acres, Florida.
Bakelman says life as he and his family knows it is forever changed. "You want to sit and cry. You feel so empty," Bakelman said.
Galemmo is the subject of several civil lawsuits filed by more than 150 of his investors. He is also under investigation by the IRS for wire and mail fraud as well as money laundering.
Tuesday, April 20 2010 11:21 PM EDT2010-04-21 03:21:00 GMT
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