Gerova was liquidated in July 2012.
The SEC charged Jason Galanis, Derek Galanis, Jared Galanis, and Hirst with securities registration violations and charged Hamels with investment advisor fraud.
The SEC noted that the elder Galanis has been a defendant in SEC enforcement actions dating back to the early 1970s and served a stint in federal prison after convictions for racketeering, tax fraud and securities fraud charges.
The agency also charged Jason Galanis in 2007. He was fined $60,000 and barred from serving as the officer or director of a public company for allegedly preparing false financial statements for Penthouse International and forging the signature of publisher Robert Guccione.