John Peter Galanis was indicted in Manhattan.

The 44-year-old tax shelter promoter, a resident of San Diego County, was named in a 38-count federal indictment along with five associates on charges of racketeering, tax fraud and securities fraud. The indictment amounts to a formal charge against Galanis, who was arrested in mid-May at his home in Del Mar. Galanis is being held in a New York prison because he has been unable to make bail, which has been set at a minimum of $13 million. Prosecutors said each of the defendants faces more than 100 years in prison and more than $4 million in fines if convicted on all counts.