The former vice president of Commodities Online, Louis N. Gallo III, 45, of Parkland, Florida was sentenced by US District Judge Loan Lenard to 14 years in prison for his role in operating a commodities investment fraud scheme.
Gallo had pleaded guilty on counts of mail fraud and wire fraud for operating a Ponzi scheme in 2010 and 2011 soliciting investments from people who thought they were purchasing “pre-sold” commodities contracts. The only return they received was a portion of the money received from new victims of the scheme. The court also ordered Gallo, who has a prior federal felony conviction, to pay nearly $20 million in restitution.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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