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Federal Securities Class Action Suit Filed

Cummins & Brown LLC and Strauss Troy Co., LPA Announce Filing of Complaint Alleging Ponzi Scheme

CINCINNATI, Dec. 5, 2013 /PRNewswire/ -- Cummins & Brown LLC ("Cummins & Brown") and Strauss Troy Co., LPA ("Strauss Troy") today announced that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of Ohio (the "Court") on behalf of a class including the firms' clients, John Capannari and John A. Anderson.  The class is comprised of investors who invested in Defendants' fraudulent investment scheme between January 1, 2002 and July 17, 2013, inclusive (the "Class Period"), and who were damaged thereby.  The defendants named are Glen Galemmo, Queen City Investment Fund II, LLC, Queen City Advisors, LLC, Galemmo Investment Group, Queen City Investment Funds, Queen City Investments, Queen City Hedge Fund, AC Power Strategies Fund II, LLC, QC Power Strategies Fund Sweep Account, LLC, QC Power Strategies Fund, LLC, Sentinel Property Holdings, LLC, Glen Rock, LLC, Sentinel Strategy Fund, LLC, QFC, LLC, Midwest Hoops at SportsPlus, LLC, Midwest Hoops Sports Complex, LLC, Cincinnati Royals, Inc., Rugged Power Management LLC, Rugged Power Investments LLC, PSIF LLC, W. Bernard Kyles & Co., Inc., Wiley B. Kyles, and Charles G. Simon, (collectively, "Defendants").  The action, which is captioned John Capannari and John A. Anderson v. Glen Galemmo, et al., 1:13-CV-883, United States District Court, Southern District of Ohio, asserts claims under Sections 11 and 15 of the Securities Act of 1933, 15 U.S.C. §§ 77k and 77o, and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), and SEC Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5. 

The Complaint alleges that during the Class Period, Defendants violated provisions of the federal securities laws by providing manipulated, fraudulent materials to investors to perpetuate a sham investment scheme that did little more than funnel money to Defendants for their personal use.  As alleged in the Complaint, Defendants' elaborate deception misled Plaintiffs and other members of the class for over 10 years into investing substantial funds in a program whose purported goal was to generate significant returns at low risk.   

If you wish to remain a member of the class, you need to do nothing at this time.  However, any member of the proposed class may move the Court to serve as lead plaintiff through counsel of his or her choice.  If you wish to serve as lead plaintiff for the Class, you must file a motion with the Court no later than 60 days from today.  Accordingly, the deadline for filing a motion for appointment as lead plaintiff is February 3, 2014. 

John Capannari and John A. Anderson are represented by Strauss Troy and Cummins & Brown, Cincinnati firms comprised of attorneys with over 20 years' experience prosecuting securities fraud actions.  Members of the Strauss Troy and Cummins & Brown teams, as lead and co-lead attorneys, have recovered nearly $1 Billion in settlements and judgments in securities fraud matters. 

Firm Contacts:

James R. Cummins of Cummins & Brown at (513) 241-6400 or [email protected]


Richard S. Wayne of Strauss Troy at (513) 621-2120 or [email protected]

 

SOURCE Cummins & Brown LLC

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