Latest news with #Galanis
Yahoo
2 days ago
- Business
- Yahoo
Trump's pardons have shortchanged fraud victims of millions of dollars in restitution, lawyers say
In April, fresh off a presidential pardon that sprung him from prison, convicted fraudster Jason Galanis embarked on a new and audacious legal fight: an attempt to recover money that he had already paid back his victims. As part of his 2017 sentence, a federal judge ordered Galanis to pay more than $80 million in restitution for his various fraudulent schemes. But when President Donald Trump commuted Galanis' 189-month prison sentence in March as part of a flurry of pardons, Galanis' pardon warrant stipulated that "no further fines [and] restitution" should be collected. Days later, Galanis asked a federal judge to order the government to return some $2 million he had already paid, arguing that because the government had not yet released those funds to his victims, Galanis was entitled to them. MORE: Trump grants clemency to 2 of Hunter Biden's ex-associates "Put very simply, the funds were taken for a particular purpose," attorneys for Galanis wrote last month in a letter to the judge. "It is indisputable that that purpose no longer exists and thus ... the funds must be returned." U.S. District Judge Kevin Castel, the judge overseeing Galanis' case, ruled Wednesday that he cannot recoup the $2 million. But some legal experts say Galanis' bid to retrieve those restitution funds reflects a broader symptom of what they say is Trump's unprecedented use of executive pardon powers. "Typically, the Department of Justice does not recommend a pardon in cases in which the candidate owes a significant amount of restitution ... so these pardons that wipe out large financial obligations are very unusual in their effect," former U.S. pardon attorney Liz Oyer, who is not involved in the case, told ABC News. By Oyer's count, the recipients of Trump's second-term clemency cumulatively owed more than $1 billion in restitution -- money intended for the victims of fraudulent schemes. Instead, according to Oyer, "victims are just out all of the money that they expected to be repaid as part of restitution, due to the pardons." "The victims are the losers," Oyer said. "Those are people who have a legal entitlement under federal law to be repaid their losses ... and the president is overriding that legal requirement ... to the great detriment of people who, in some cases, have lost their life savings." Those victims include a Native American tribe, an Arizona teachers' pension fund, and even a Republican governor. In Galanis' case, prosecutors wrote that the victims of his scheme include "pension funds held for the benefit of, among others, transit workers, longshoremen, housing authority workers, and city employees." The majority of the victims are shareholders in companies like Nikola, whose disgraced founder and chief executive, Trevor Milton, was sentenced to four years in prison for lying about the viability of his electric vehicle technology. Prosecutors had asked a federal judge to order Milton to pay more than $600 million in restitution, which they said was "the approximate amount of damages to investors in this case." Milton was pardoned before a judge had a chance to approve that figure, but experts said judges typically hew closely to prosecutors' calculations. Asked in a local news interview in March whether he would repay the victims of his fraudulent scheme, Milton said he "wouldn't pay them back," but offered an alternative: "I've got a few big ventures I'm working on right now, I'd definitely be open to helping those people in the future." MORE: Trump's flurry of pardons include some to campaign contributors "I'm not heartless," he added. "As a matter of fact, I feel for these people probably more than most." Pardon recipients who owed outstanding restitution at the time they were pardoned include Carlos Watson, the founder and CEO of Ozy Media who pleaded guilty to fraud charges and owed nearly $37 million in restitution, and Ross Ulbricht, the Silk Road founder serving life in prison for an online drug scheme, who was ordered to pay almost $184 million in restitution. Other pardon recipients include Todd and Julie Chrisley, the reality television celebrities sentenced to more than seven years in prison for tax evasion and bank fraud, whose attorney suggested to TMZ that they may seek to recoup some of the $17 million in restitution that they'd already begun to pay. Former Las Vegas councilwoman Michele Fiore, who spent some $70,000 in donations to a slain police officer fund on personal expenses, including cosmetic surgery, was also pardoned. Trump issued Fiore's pardon before her sentencing, but experts say restitution generally aligns with the cost of the purported fraud scheme. Nevada Gov. Joe Lombardo, a fellow Republican, testified at trial that he had donated to Fiore's fund and was a victim of her fraud. Another victim, Harry Mohney, a strip club owner who donated $2,000 to the fund, said he was "distressed" to learn that Fiore would not have to pay restitution. MORE: Ed Martin, Trump's DOJ pardon attorney, says he'll review Biden's outgoing pardons "It certainly pisses me off to a great extent," Mohney told ABC News. "It's unfair that she never has to repay the people she got the money from under false pretenses, but there's nothing I can do about that." In a statement to ABC News, White House spokesperson Harrison Fields said that Trump is "using his pardon power to offer people second chances at life." "The Founding Fathers gave the President the pardon power to provide mercy where the President alone deems it necessary," Fields said. Legal experts ABC News spoke with said it's unclear to what extent victims could seek to claim the restitution they're still owed following Trump's pardons. One option would be to file a civil lawsuit to reclaim damages, but that can be a lengthy and expensive proposition. "Restitution makes it so easy -- you don't have to pay a lawyer, you don't have to go to court," said Mark Osler, an expert on clemency at the University of St. Thomas in Minnesota. "You can see why that would be a victim's first choice for how to be made whole." Experts who spoke with ABC News struggled to cite past examples of fraudsters who were granted clemency prior to fulfilling their restitution obligations. Oyer said Trump's commutation of restitution payments is without precedent. MORE: Trump issues sweeping pardons and commutations for Jan. 6 rioters "This is not normal," Oyer said. The Justice Department, on its website, cautions fraud victims seeking restitution that "the chance of full recovery is very low," and that "while defendants may make partial payments toward the full restitution owed, it is rare that defendants are able to fully pay the entire restitution amount owed." Nevertheless, experts say that regardless of whether victims ever completely recoup their lost money, restitution obligations remain an important mechanism in the criminal justice system. "One of the purposes of restitution, even if it's never fully repaid, is to ensure that the perpetrator of the crime cannot enrich themselves first, while they still owe money to victims," Oyer explained. "And that's exactly what [Trump's] pardons facilitate happening." Trump's pardons have shortchanged fraud victims of millions of dollars in restitution, lawyers say originally appeared on
2 days ago
- Business
Trump's pardons have shortchanged fraud victims of millions of dollars in restitution, lawyers say
In April, fresh off a presidential pardon that sprung him from prison, convicted fraudster Jason Galanis embarked on a new and audacious legal fight: an attempt to recover money that he had already paid back his victims. As part of his 2017 sentence, a federal judge ordered Galanis to pay more than $80 million in restitution for his various fraudulent schemes. But when President Donald Trump commuted Galanis' 189-month prison sentence in March as part of a flurry of pardons, Galanis' pardon warrant stipulated that "no further fines [and] restitution" should be collected. Days later, Galanis asked a federal judge to order the government to return some $2 million he had already paid, arguing that because the government had not yet released those funds to his victims, Galanis was entitled to them. "Put very simply, the funds were taken for a particular purpose," attorneys for Galanis wrote last month in a letter to the judge. "It is indisputable that that purpose no longer exists and thus ... the funds must be returned." U.S. District Judge Kevin Castel, the judge overseeing Galanis' case, ruled Wednesday that he cannot recoup the $2 million. But some legal experts say Galanis' bid to retrieve those restitution funds reflects a broader symptom of what they say is Trump's unprecedented use of executive pardon powers. "Typically, the Department of Justice does not recommend a pardon in cases in which the candidate owes a significant amount of restitution ... so these pardons that wipe out large financial obligations are very unusual in their effect," former U.S. pardon attorney Liz Oyer, who is not involved in the case, told ABC News. By Oyer's count, the recipients of Trump's second-term clemency cumulatively owed more than $1 billion in restitution -- money intended for the victims of fraudulent schemes. Instead, according to Oyer, "victims are just out all of the money that they expected to be repaid as part of restitution, due to the pardons." "The victims are the losers," Oyer said. "Those are people who have a legal entitlement under federal law to be repaid their losses ... and the president is overriding that legal requirement ... to the great detriment of people who, in some cases, have lost their life savings." Those victims include a Native American tribe, an Arizona teachers' pension fund, and even a Republican governor. In Galanis' case, prosecutors wrote that the victims of his scheme include "pension funds held for the benefit of, among others, transit workers, longshoremen, housing authority workers, and city employees." The majority of the victims are shareholders in companies like Nikola, whose disgraced founder and chief executive, Trevor Milton, was sentenced to four years in prison for lying about the viability of his electric vehicle technology. Prosecutors had asked a federal judge to order Milton to pay more than $600 million in restitution, which they said was "the approximate amount of damages to investors in this case." Milton was pardoned before a judge had a chance to approve that figure, but experts said judges typically hew closely to prosecutors' calculations. Asked in a local news interview in March whether he would repay the victims of his fraudulent scheme, Milton said he "wouldn't pay them back," but offered an alternative: "I've got a few big ventures I'm working on right now, I'd definitely be open to helping those people in the future." "I'm not heartless," he added. "As a matter of fact, I feel for these people probably more than most." Pardon recipients who owed outstanding restitution at the time they were pardoned include Carlos Watson, the founder and CEO of Ozy Media who pleaded guilty to fraud charges and owed nearly $37 million in restitution, and Ross Ulbricht, the Silk Road founder serving life in prison for an online drug scheme, who was ordered to pay almost $184 million in restitution. Other pardon recipients include Todd and Julie Chrisley, the reality television celebrities sentenced to more than seven years in prison for tax evasion and bank fraud, whose attorney suggested to TMZ that they may seek to recoup some of the $17 million in restitution that they'd already begun to pay. Former Las Vegas councilwoman Michele Fiore, who spent some $70,000 in donations to a slain police officer fund on personal expenses, including cosmetic surgery, was also pardoned. Trump issued Fiore's pardon before her sentencing, but experts say restitution generally aligns with the cost of the purported fraud scheme. Nevada Gov. Joe Lombardo, a fellow Republican, testified at trial that he had donated to Fiore's fund and was a victim of her fraud. Another victim, Harry Mohney, a strip club owner who donated $2,000 to the fund, said he was "distressed" to learn that Fiore would not have to pay restitution. "It certainly pisses me off to a great extent," Mohney told ABC News. "It's unfair that she never has to repay the people she got the money from under false pretenses, but there's nothing I can do about that." In a statement to ABC News, White House spokesperson Harrison Fields said that Trump is "using his pardon power to offer people second chances at life." "The Founding Fathers gave the President the pardon power to provide mercy where the President alone deems it necessary," Fields said. Legal experts ABC News spoke with said it's unclear to what extent victims could seek to claim the restitution they're still owed following Trump's pardons. One option would be to file a civil lawsuit to reclaim damages, but that can be a lengthy and expensive proposition. "Restitution makes it so easy -- you don't have to pay a lawyer, you don't have to go to court," said Mark Osler, an expert on clemency at the University of St. Thomas in Minnesota. "You can see why that would be a victim's first choice for how to be made whole." Experts who spoke with ABC News struggled to cite past examples of fraudsters who were granted clemency prior to fulfilling their restitution obligations. Oyer said Trump's commutation of restitution payments is without precedent. "This is not normal," Oyer said. The Justice Department, on its website, cautions fraud victims seeking restitution that "the chance of full recovery is very low," and that "while defendants may make partial payments toward the full restitution owed, it is rare that defendants are able to fully pay the entire restitution amount owed." Nevertheless, experts say that regardless of whether victims ever completely recoup their lost money, restitution obligations remain an important mechanism in the criminal justice system. "One of the purposes of restitution, even if it's never fully repaid, is to ensure that the perpetrator of the crime cannot enrich themselves first, while they still owe money to victims," Oyer explained. "And that's exactly what [Trump's] pardons facilitate happening."
Yahoo
15-05-2025
- Business
- Yahoo
Steven Galanis Launches Zeitgeist Podcast
Cameo Founder Explores How Brands Break into Culture CHICAGO, May 15, 2025 /PRNewswire/ -- Steven Galanis, the co-founder CEO of Cameo, today announced the launch of Zeitgeist, a new podcast that dives deep into the stories of brands that didn't just find customers—they found cultural relevance. Through candid conversations with founders, marketers, and creative minds, Zeitgeist unpacks how everyday products become emotional touchpoints, memes, movements, and modern necessities. From personal care staples like butt wipes and reusable water bottles to seemingly boring products like insurance, Galanis explores what it takes to create something that doesn't just sell, but sticks. Over the years, Galanis' journey at Cameo introduced him to a vast network of people who've built iconic brands by tapping into something bigger than marketing: the culture of the customer they're dying to reach. Zeitgeist brings those stories to life, focusing on the inflection points, bold pivots, and make-or-break moments that propelled products from obscurity into the mainstream. "Building Cameo taught me that it's not just about building a company—it's about creating a feeling," said Galanis. "I wanted to talk to other people who've done that: who've made the leap from product to phenomenon." The podcast keeps it raw and real—no corporate buzzwords, just honest stories about smart risks, scrappy ideas, and lightning-in-a-bottle moments that helped brands breakthrough. Listeners can expect stories behind cult-favorite apparel companies, internet-famous wellness brands, and unlikely products that are now household essentials. The first episode of Zeitgeist is now available, with a 10-episode first season set to release over the summer. Episodes will be available on YouTube, Spotify, and Apple Podcasts. About Zeitgeist Zeitgeist is a show about the unexpected rise of everyday brands. Hosted by Steven Galanis, each episode unpacks the journey behind products that went from niche to necessary—not because of flashy ads, but because they struck a cultural nerve. From overlooked categories to household names, the podcast digs into the thinking, timing, and instincts that turn ordinary ideas into iconic ones. Zeitgeist offers a front-row seat to the brands shaping how we live. About Steven GalanisSteven Galanis is a Chicago-based entrepreneur and co-founder of Cameo, a marketplace connecting fans with personalized video shoutouts from celebrities. Cameo is the biggest digital marketplace for personalities like actors, athletes, musicians, comedians, and creators to connect with fans all over the world. X: @Mr312 View original content: SOURCE Cameo Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-04-2025
- Politics
- Yahoo
Trump commutes prison sentence of Hunter Biden's 'fall guy' Jason Galanis
President Donald Trump commuted the sentence of Jason Galanis, a convicted ex-business associate of Hunter Biden, whom Trump officials described as the "fall guy" for the former first son's business dealings. Galanis was sentenced in 2017 to 189 months, or 14 years, in prison, after pleading guilty to securities fraud based on bonds issued by a company affiliated with a Native American tribe in South Dakota. The funds were reportedly supposed to be used for certain projects, but were instead used for his personal finances. Hunter Biden: A Look At How The Saga Spanning Over Six Years Unfolded A Trump administration official told Fox News Digital that Galanis served eight years and eight months of his sentence and had an "unblemished record while in prison." The official also said Galanis was sexually assaulted by a security guard while in prison. The Trump official told Fox News Digital that Galanis "basically was the fall guy for Hunter Biden and Devon Archer." The official noted Galanis was "extremely cooperative" during the 2024 House impeachment inquiry into the Biden family. Read On The Fox News App "After serving eight years and eight months in prison on good behavior, the administration felt it was time for him to regain his liberty and go on into his private life," the official told Fox News Digital. Congressional investigators interviewed Galanis while he was in prison to gather information on the Biden family's business dealings and any "access" to then-Vice President Joe Biden. Galanis testified that Joe Biden was considering joining the board of a joint venture created by Hunter Biden and his business associates with ties to the Chinese Communist Party after he left the vice presidency. Joe Biden Allegedly Considered Joining Board Of Ccp-linked Company, Witness Testifies From Prison Galanis said Joe Biden's involvement would have brought "political access in the United States and around the world." Galanis testified that he worked with Archer and Hunter Biden between 2012 and 2015. Their business together, he said, included the acquisition of Burnham & Co, a division of Drexel Burnham Lambert, combined with "other businesses in insurance and wealth management." Galanis testified the three "owned and acquired with total audited assets of over $17 billion." "Our objective was to build a diversified private equity platform, which would be anchored by a globally known Wall Street brand together with a globally known political name," Galanis testified. "Our goal — that is, Hunter Biden, Devon Archer and me — was to make billions, not millions." Galanis testified that "the entire value-add of Hunter Biden to our business was his family name and his access to his father, Vice President Joe Biden. Exclusive: Biden Committed 'Impeachable Conduct,' 'Defrauded United States To Enrich His Family': House Gop Report "Because of this access, I agreed to contribute equity ownership to them — Hunter and Devon — for no out-of-pocket cost from them in exchange for their 'relationship capital,'" he told investigators. Hunter Biden served as vice chairman of the Burnham group "and brought strategic relationships to the venture, including from Kazakhstan, Russia and China." Meanwhile, Archer was tied to the scheme that put Galanis in prison and was convicted in 2018 for defrauding the Native American tribal entity and various investment advisory clients of tens of millions of dollars in connection with the issuance of bonds by the tribal entity and the subsequent sale of those bonds through fraudulent and deceptive means. The president pardoned Archer in March. Trump Pardons Former Hunter Biden Business Associate Devon Archer "Many people have asked me to do this. They think he was treated very unfairly. And I looked at the records, studied the records. And he was a victim of a crime, as far as I'm concerned. So we're going to undo that. … Congratulations, Devon," Trump said ahead of signing the pardon. Archer thanked Trump ahead of officially receiving the pardon Tuesday, arguing he was "the victim of a convoluted lawfare effort." "I want to extend my deepest thanks to President Trump," Archer said in a comment to the New York Post regarding the pardon. "I am grateful to the president for recognizing that I was the victim of a convoluted lawfare effort intended to destroy and silence me. "Like so many people, my life was devastated by the Biden family's selfish disregard for the truth and for the peace of mind and happiness of others. The Bidens talk about justice, but they don't mean it," he said. "I am grateful that the American people are now well aware of this reality." Galanis and Archer testified as part of the House impeachment inquiry against Joe Biden. The House of Representatives found, after months of investigating, that Biden had engaged in "impeachable conduct." In their nearly 300-page report, House lawmakers said he had "abused his office" and "defrauded the United States to enrich his family." Biden Pardons Son Hunter Biden Ahead Of Exit From Oval Office Republicans said there is "overwhelming evidence" that Biden had participated in a "conspiracy to monetize his office of public trust to enrich his family." They alleged that the Biden family and their business associates had received tens of millions of dollars from foreign interests by "leading those interests to believe that such payments would provide them access to and influence with President Biden." Before leaving office, President Biden announced a blanket pardon that applied to any offenses against the U.S. that Hunter Biden "has committed or may have committed" from Jan. 1, 2014 to Dec. 1, 2024. "From the day I took office, I said I would not interfere with the Justice Department's decision-making, and I kept my word even as I have watched my son being selectively, and unfairly, prosecuted," President Joe Biden said. "There has been an effort to break Hunter — who has been five and a half years sober, even in the face of unrelenting attacks and selective prosecution. In trying to break Hunter, they've tried to break me — and there's no reason to believe it will stop here. Enough is enough." Biden added, "I hope Americans will understand why a father and a president would come to this decision."Original article source: Trump commutes prison sentence of Hunter Biden's 'fall guy' Jason Galanis
Fox News
01-04-2025
- Business
- Fox News
Trump commutes prison sentence of Hunter Biden's 'fall guy' Jason Galanis
President Donald Trump commuted the sentence of Jason Galanis, a convicted ex-business associate of Hunter Biden, whom Trump officials described as the "fall guy" for the former first son's business dealings. Galanis was sentenced in 2017 to 189 months, or 14 years, in prison, after pleading guilty to securities fraud based on bonds issued by a company affiliated with a Native American tribe in South Dakota. The funds were reportedly supposed to be used for certain projects, but were instead used for his personal finances. A Trump administration official told Fox News Digital that Galanis served eight years and eight months of his sentence and had an "unblemished record while in prison." The official also said Galanis was sexually assaulted by a security guard while in prison. The Trump official told Fox News Digital that Galanis "basically was the fall guy for Hunter Biden and Devon Archer." The official noted Galanis was "extremely cooperative" during the 2024 House impeachment inquiry into the Biden family. "After serving eight years and eight months in prison on good behavior, the administration felt it was time for him to regain his liberty and go on into his private life," the official told Fox News Digital. Congressional investigators interviewed Galanis while he was in prison to gather information on the Biden family's business dealings and any "access" to then-Vice President Joe Biden. Galanis testified that Joe Biden was considering joining the board of a joint venture created by Hunter Biden and his business associates with ties to the Chinese Communist Party after he left the vice presidency. Galanis said Joe Biden's involvement would have brought "political access in the United States and around the world." Galanis testified that he worked with Archer and Hunter Biden between 2012 and 2015. Their business together, he said, included the acquisition of Burnham & Co, a division of Drexel Burnham Lambert, combined with "other businesses in insurance and wealth management." Galanis testified the three "owned and acquired with total audited assets of over $17 billion." "Our objective was to build a diversified private equity platform, which would be anchored by a globally known Wall Street brand together with a globally known political name," Galanis testified. "Our goal — that is, Hunter Biden, Devon Archer and me — was to make billions, not millions." Galanis testified that "the entire value-add of Hunter Biden to our business was his family name and his access to his father, Vice President Joe Biden. "Because of this access, I agreed to contribute equity ownership to them — Hunter and Devon — for no out-of-pocket cost from them in exchange for their 'relationship capital,'" he told investigators. Hunter Biden served as vice chairman of the Burnham group "and brought strategic relationships to the venture, including from Kazakhstan, Russia and China." Meanwhile, Archer was tied to the scheme that put Galanis in prison and was convicted in 2018 for defrauding the Native American tribal entity and various investment advisory clients of tens of millions of dollars in connection with the issuance of bonds by the tribal entity and the subsequent sale of those bonds through fraudulent and deceptive means. The president pardoned Archer in March. "Many people have asked me to do this. They think he was treated very unfairly. And I looked at the records, studied the records. And he was a victim of a crime, as far as I'm concerned. So we're going to undo that. … Congratulations, Devon," Trump said ahead of signing the pardon. Archer thanked Trump ahead of officially receiving the pardon Tuesday, arguing he was "the victim of a convoluted lawfare effort." "I want to extend my deepest thanks to President Trump," Archer said in a comment to the New York Post regarding the pardon. "I am grateful to the president for recognizing that I was the victim of a convoluted lawfare effort intended to destroy and silence me. "Like so many people, my life was devastated by the Biden family's selfish disregard for the truth and for the peace of mind and happiness of others. The Bidens talk about justice, but they don't mean it," he said. "I am grateful that the American people are now well aware of this reality." Galanis and Archer testified as part of the House impeachment inquiry against Joe Biden. The House of Representatives found, after months of investigating, that Biden had engaged in "impeachable conduct." In their nearly 300-page report, House lawmakers said he had "abused his office" and "defrauded the United States to enrich his family." Republicans said there is "overwhelming evidence" that Biden had participated in a "conspiracy to monetize his office of public trust to enrich his family." They alleged that the Biden family and their business associates had received tens of millions of dollars from foreign interests by "leading those interests to believe that such payments would provide them access to and influence with President Biden." Before leaving office, President Biden announced a blanket pardon that applied to any offenses against the U.S. that Hunter Biden "has committed or may have committed" from Jan. 1, 2014 to Dec. 1, 2024. "From the day I took office, I said I would not interfere with the Justice Department's decision-making, and I kept my word even as I have watched my son being selectively, and unfairly, prosecuted," President Joe Biden said. "There has been an effort to break Hunter — who has been five and a half years sober, even in the face of unrelenting attacks and selective prosecution. In trying to break Hunter, they've tried to break me — and there's no reason to believe it will stop here. Enough is enough." Biden added, "I hope Americans will understand why a father and a president would come to this decision."
