NEW YORK – A Los Angeles man once dubbed "Porn's New King" has been sentenced in New York to over 11 years in prison after pleading guilty to securities fraud and other crimes.
Jason Galanis was sentenced Wednesday in Manhattan federal court. Prosecutors say the charges pertain to a manipulation of the market for a publicly traded company, Gerova Financial Group Ltd., from 2009 to 2011.
Prosecutors say Galanis was the ringleader of a multimillion-dollar fraud scheme that secretly acquired shares of Gerova and then manipulated the market by cashing out.
Forbes magazine labeled Galanis "Porn's New King" in 2004 after he bought the nation's biggest payment processor for internet pornography.
Galanis has yet to be sentenced in a separate scheme with cheating a Native American tribe and investors out of $60 million.