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BRIEFLY

September 16, 1987

San Diego tax shelter promoter John Peter Galanis was indicted on additional racketeering and fraud charges, including fraud in the takeover of three California mutual funds and a Connecticut bank, U.S. Attorney Rudolph W. Giuliani said. Galanis, 44, and seven others are accused of racketeering in securing control last year of several mutual funds managed by ISI Corp., a Northern California firm operated by Galanis' associates. The group was accused of obtaining nearly $3.9 million from the funds by selling them stock at inflated prices, Giuliani said. They also were charged with fraudulently securing control of Columbia Federal Savings Bank in Westport, Conn., through alleged misrepresentations to the Federal Home Loan Bank Board. Galanis faces a maximum 252 years in prison and $9.2 million in fines.

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