Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Man once dubbed Porn's New King pleads guilty in fraud case


New York: A Los Angeles man once dubbed Porn's New King has pleaded guilty to securities fraud and other crimes in New York.

Jason Galanis entered the plea Thursday in federal court. Prosecutors say the charges pertain to a manipulation of the market for a publicly traded company, Gerova Financial Group Ltd., from 2009 to 2011.

US Attorney Preet Bharara (buh-RAH'-ruh) says Galanis was the ringleader of a multimillion-dollar fraud scheme that secretly acquired shares of Gerova and then manipulated the market by cashing out.


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