CINCINNATI -- The U.S. Attorney’s office added about $2.4 million in new assets Friday to the list of possessions it is trying seize from Glen Galemmo, the Cincinnati investment advisor accused of orchestrating an elaborate Ponzi scheme.
Three recent lawsuits allege Galemmo defrauded about 200 investors who thought they were worth up to $300 million before July, when Galemmo informed them that his firm, Queen City Investments, was closing down.
He advised them to contact the Internal Revenue Service for more information.
The IRS has subsequently disclosed it has opened a mail fraud and money laundering investigation against Galemmo, who has left the state.
In an amended civil forfeiture filing in federal court Friday, the government attorneys listed for seizure a Florida condominium, a Cincinnati home, five vehicles and a Key Bank account with $609,000 cash.
A previous filing identified a Park Ave. office building and brokerage accounts with about $334,000 in cash. Based on appraised values of all real estate listed in the filings, the feds are now seeking about $3.5 million in assets from Galemmo.