Former investment firm owner defrauded clients of more than $2M, officials say

Phillip Galles is charged with wire fraud after speaking to a potential client from N.J. who turned out to be an undercover agent

Nicolas Fernandes | NJ Advance Media for NJ.com

The former owner of an asset management firm was arrested Thursday on allegations that he lied to clients and defrauded them of more than $2 million, U.S. Attorney Philip R. Sellinger said. Phillip Galles, 57, of Chicago, Illinois, is charged with wire fraud after speaking to a potential client from New Jersey who turned out to be an undercover agent, prosecutors said.

Galles told his investors he would invest their money in commodity futures through his Chicago-based firm, Tyche Asset Management, and falsely claimed his company had annual returns exceeding 100%, according to the criminal complaint. If you purchase a product or register for an account through one of the links on our site, we may receive compensation.

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