Fake Billionaire Hedge Fund Manager Ran Ponzi Scheme, US Alleges Bob Van Voris - Bloomberg A former Chicago commodities trader was arrested and charged with fraud for lying to clients about everything from a non-existent collection of 122 luxury cars to phony returns that exceeded 200%. Phillip Galles, 57, was arrested Thursday and charged with a single count of wire fraud for allegedly stealing more than $2 million from victims since 2019, telling them he was investing their money in commodity futures, according to a statement from New Jersey US Attorney Philip Sellinger. /jlne.ws/44T2wxG