CINCINNATI, July 26, 2013 /PRNewswire/ -- A group of seven investors today filed a securities fraud class action against Glen Galemmo and his companies accusing them of an elaborate deception involving what the investors were led to believe was a very successful hedge fund led by Galemmo. Richard Wayne of Strauss Troy, L.P.A. and James R. Cummins of Cummins and Brown LLC were engaged as joint lead counsel by the investors to file and prosecute the lawsuit in Hamilton County. These lead attorneys have successfully represented investor interests in local and national securities class actions for over 20 years.
The Complaint alleges that Galemmo and others participated in a continuous offering of hundreds of millions dollars of hedge fund interests for over 10 years without telling the investors the true facts of the types of investments being made and the true performance of those investments. No filings with the United States Securities and Exchange Commission and the Ohio Division of Securities were made that would have accurately disclosed these facts, the complaint states.
"Rick Wayne and I have been dealing with these types of cases for many years. We could be looking at the largest securities fraud in Ohio history. We will know after we get all the books and records we have subpoenaed," said James Cummins of Cummins and Brown.
The plaintiffs in the action seek to recover all of the investments of the class members along with damages caused by the alleged fraud. A request for a "stand still" or "freeze" order has been filed along with the lawsuit to prevent any further activities of the funds.
"Galemmo's 'black box' investment system appears to have been deliberately designed to keep crucial information from the investors. There are retirement funds, college tuition funds and emergency savings of our clients at stake that the lawsuit will seek to recover as fully as possible," said Richard Wayne of Strauss Troy.
Janet G. Abaray, of Burg, Simpson, Eldredge Hersh & Jardine PC has also joined the litigation team for the Plaintiffs. She has been lead counsel in many highly successful class action cases in nationally important commercial and business disputes.
If you wish to discuss this action or have any questions concerning your rights or interests in the case, please contact Richard Wayne of Strauss Troy, firstname.lastname@example.org (513) 621-2120 or James Cummins of Cummins & Brown, email@example.com (513) 241-6400.
Contact: James R. Cummins, 513-241-6400 firstname.lastname@example.org
SOURCE Cummins & Brown LLC