Dimond Kaplan & Rothstein, P.A. is investigating investment fraud claims involving investment losses suffered with financial advisor Glen Galemmo and his various companies, including Galemmo Investment Group, Queen City Investment Funds, and Landmark Investment Group. Galemmo has been accused in court filings of orchestrating a classic Ponzi scheme in which he used moneys from certain investors to pay “investment returns” to earlier investors.
As part of his scheme, Galemmo reported double- and triple-digit investment returns that are now believed to have been false. As just one example, from 2006 through 2011, Galemmo claimed investment returns totaling over 400%. It appears that those “returns” were greatly exaggerated.
Galemmo and Queen City operated out of Cincinnati, Ohio, and many of those who invested with them and suffered losses live in the surrounding area. In addition, Galemmo may have maintained offices and solicited investors in Sarasota, Florida and its surrounding areas.
On July 17, 2013, Galemmo e-mailed investors that Queen City no longer will be in operation. Galemmo further requested that investors not visit Queen City’s Cincinnati, Ohio office, and that any inquiries should be directed to the Internal Revenue Service. On information and belief, the federal government already had raided Queen City’s office and seized all of Queen City’s assets.
Galemmo was a trustee to the LCM Landmark Series Trust (the “Trust”). Two LCM Landmark Funds (the “Funds”) were organized under the Trust. The investment advisor to the Funds was Landmark Capital Management, Inc.
A hearing on investors’ claims that already have been filed in Ohio state court is scheduled to be held at 1:45 p.m. on July 23, 2013.
If you have suffered losses in conjunction with Galemmo, Queen City, or the LCM Landmark Funds, contact Dimond Kaplan & Rothstein, P.A. for a free case evaluation.