An 11-count lawsuit filed by Michelin tires, claims that its retirement plan was bilked out of $8 million because of a fraudulent scheme. The Wakpamni Lake Community Corp tribe connected to the Oglala Sioux Tribe in South Dakota allegedly issued bonds for more than $8 million in Wakpamni Lake Bonds, which supposedly supported tribal community improvement projects but instead established a fraudulent pool of money for Jason Galanis and co-conspirators. Michelin’s retirement plan advisors invested in the bonds. Galanis and others allegedly convinced the Wakpamni corporation to issue more than $63 million in bonds that were forced on investors through a massive fraudulent scheme. The conspirators instead used the money to pay for personal items, homes, cars, travel and jewelry. At least nine investors were victimized by the scheme. The case is ongoing.
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