Phillip Galles wooed investors by claiming to own dozens of luxury cars and paintings by Picasso and Chagall, investigators say.
Phillip Galles had all the trappings of a successful hedge fund manager — a fleet of luxury cars, paintings by masters like Picasso and Chagall on his walls, and a billion dollars in the bank.
But it was all a carefully-crafted lie aimed at drawing investors into a Ponzi scheme, federal authorities say. Investigators say Galles presented himself as a highly-successful investor, who had several billions of dollars in assets under management in his fund, Tyche Asset Management LLC. He claimed to have an MBA from the prestigious Kellogg School of Business at Northwestern University.
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