A former commodities trader from Chicago has been sentenced in Newark federal court to more than 12 years in prison for orchestrating a multi-million-dollar wire and commodities fraud scheme that victimized more than a dozen investors across the country.
NEW JERSEY – Philip Galles, 59, of Chicago, Illinois, was sentenced on Feb. 5, 2026, to 151 months in prison and five years of supervised release, according to an announcement from Senior Counsel Philip Lamparello. Galles was also ordered to pay more than $4 million in restitution to victims. The sentence was imposed by Esther Salas in the U.S. District Court in Newark. At the conclusion of the hearing, Galles was remanded into the custody of the U.S. Marshal to begin serving his sentence.…