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Galanis, Ernst & Young (Bahamas) sued for alleged investment fraud

Ernst & Young (Bahamas), its former Managing Partner, Philip Galanis; and a current partner, Paul Clarke, are being sued in the United States for their role in an alleged $9.95 million investment fraud. The complaint, which was filed on November 30, 2000 at the U. S. District Court for the District of Arizona, relates to the same events that led to Galanis being fired from Ernst & Young in 1997.