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You may have lost money in your investment portfolio,
due to mismanagement and not even know it.

Double whammy for big-time investment scammer

There are ups and, yes, there are downs.

And Jason Galanis has unquestionably experienced both of them, seemingly sitting atop the world -- or at least in one of his multiple luxury residences -- one moment, and languishing behind bars the next as federal criminal charges progressively pile up against him.

Just a few short years ago, Galanis -- an ex-Los Angeles investment banker -- was figuratively floating in millions of dollars extracted from duped investors who relied upon his pitch and assurances in a stock manipulation scam.

Galanis was sentenced by a federal judge earlier this year to a prison term of 11-plus years for the central role he played in that scheme. He was additionally ordered to surrender a massive California residence and a multi-million-dollar New York apartment, as well as forfeit $38 million in atonement for his wrongdoing.

And that spelled just a portion of the downside, with Galanis being sentenced by another federal judge just last week to an additional five years for defrauding both investors and the Oglala Sioux Nation in a municipal bond-related ruse. Galanis and a group of other individuals encouraged a bond issuance program and stole proceeds from the tribe.

Their theft, noted a Reuters article, "left bond investors holding worthless securities, and the tribal corporation with no way to make interest payments on the bonds."

Galanis now says he is sorry for and "utterly humiliated" by his fraudulent behavior in the stock manipulation fraud and bond misappropriation scam, respectively.

As indicated above, he will have a number of years to think about his past conduct while incarcerated in a federal penitentiary.

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