Glen Galemmo at center of alleged Ponzi scheme speaks to FOX19 - News, Weather, Sports, Toledo, OH

EXCLUSIVE: Glen Galemmo at center of alleged Ponzi scheme speaks out

CINCINNATI, OH (FOX19) -

Seven weeks to the day after Glen Galemmo sent an email to his investors stating his investment company, Queen City Investments, was shutting down, he is speaking publicly for the first time.

"I was hoping I could straighten some facts out and some misbeliefs," said Galemmo.  "I completely regret that the business had to close. I am sincerely sorry investors lost money. That's the message I want to get out."

Galemmo's attorney, Ben Dusing, advised him not to answer a number of our questions, specifically those surrounding the legal issues Galemmo is currently facing. According to a civil lawsuit filed against Galemmo, investors claim he bilked them of a combined $300 million. The lawsuit also states there are as many as 200 investors impacted, some from as far away as California.

FOX19's Amy Wagner said to Galemmo, "Investors want to know more than anything else where their money is."

"Unfortunately, the business was closed on July 17th. Unfortunately, investors lost money. Since that occurred, the government seized all of the assets that were left," he answered.

Galemmo's investors haven't heard from him since his family moved out of their East Walnut Hills home in July. That home, a condo in Marco Island, Florida, several vehicles and bank accounts have all been seized by the federal government. According to court documents, the IRS is conducting a criminal investigation into Galemmo for possible wire fraud, mail fraud and money laundering.

"It is very frustrating. All I can do is work with the government. Work with civil attorneys, work with my attorney and make sure my family is safe," Galemmo said.

Galemmo says he is cooperating fully with authorities and has been since several weeks before he sent that email to investors in July.

"We had been working with them 3-4 weeks before that happened.  Cooperating with them. Through suggestions, that was the course of action," Galemmo said.

Galemmo admits he wishes he could say more at this point, especially to his investors.

"I can't come out and talk details with them. I get angry calls every day from them. My number hasn't changed. Get the calls and texts everyday. I wish I could talk to them... Some day I will," Galemmo said.

Galemmo's investors haven't talked publicly yet, but many claim to be financially ruined.

"There's one man that has a kid in college right now, his second year.  He was getting ready to write the check and there was no money there. He cut the money off," Rick Wayne, an attorney for investors, stated at a hearing last month. Wayne also said many of Galemmo's investors were close friends and even family members.

"They feel betrayed." Wagner said. "What do you say to your investors?"

"What I can say is those who know me, who are good friends with me, they know I made every attempt to do what was right," Galemmo responded.

And the rest, according to Galemmo, will come out eventually. 

"Investors want the truth," said Wagner.  "Do you feel at some point the full truth will come out?  That it can come out?"

"I believe the truth will come out in the end when the process has run its course in the legal matters," Galemmo said.  

Copyright 2013 WXIX. All rights reserved.

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