Posted at: 03/06/2013 10:27 PM
A Brockport man is accused of taking hundreds of thousands of dollars from multiple people over the past decade.
The U.S. Attorney's Office says that according to court paperwork Eduardo Galan, 62, ran a financial services business under various names, including S&G Unlimited Services.
The paperwork says while operating under that name Galan promised his clients that he would invest their money in private mortgages.
Instead, the paperwork says he used the money for personal and business expenses, as well as paying other investors in what it calls a "Ponzi-type scheme."
Galan faces a fraud charge, which carries a maximum penalty of 20 years in prison and a $250,000 fine.
Galan is due back in court March 14.