brockport financial advisor indicted on mail fraud and bankrupcy fraud charges
ROCHESTER, N.Y.--U.S. Attorney William J. Hochul, Jr. announced today that a federal grand jury has returned a two-count indictment charging Eduardo Galan, 63, of Brockport, N.Y., mail fraud and bankruptcy fraud. The charges carry a maximum sentence 20 years in prison, a fine of $250,000, or both.
Assistant U.S. Attorney John J. Field, who is handling the case, stated that Galan promised to invest $75,000 for a client in a private mortgage loan through his business, S&G Unlimited Services. In fact, the defendant spent the money for his own benefit to repay creditors and on other expenses. After the client obtained a civil judgment against Galan and S&G Unlimited Services, the defendant misused his Chapter 7 bankruptcy proceeding to try to obtain a discharge for the debt, falsely characterizing the debt as a personal loan.
This indictment is the culmination of an investigation by Special Agents of the Federal Bureau of Investigation, under the direction of Special Agent in Charge Brian P. Boetig.The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.