Fifth Third Bank, PNC Bank, and U.S. Bank Accused of Aiding Glen Galemmo’s Queen City Alleged Ponzi Scheme
Fifth Third Bank, PNC Bank, and U.S. Bank have been sued by investors in Glen Galemmo’s alleged Ponzi scheme and accused of aiding and abetting Galemmo scheme.
The Peiffer Wolf securities lawyers have been investigating the Galemmo alleged scheme on behalf of victimized investors. Glen Galemmo, former principal of Queen City Investments, has been accused of perpetrating a Ponzi scheme. He pleaded guilty in January to wire fraud and money laundering.
The allegations of fraud began when investors in Queen City Investments received emails that the firm was closing down. According to case records before the Hamilton County Common Pleas Court, checks that were issued in the name of Queen City Investments were allegedly never deposited into the fund’s bank account. Instead they were allegedly deposited to a third party account.
Fifth Third Bank, PNC Bank, and U.S. Bank had a duty to take reasonable precautions to prevent their customers’ checking accounts from becoming conduits for fraud, according to the plaintiffs’ lawsuit.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.