Articles under ‘Genesis Acquisitions’:

Ponzi lawyer Steven Scudder liable for full $425,030 restitution amount

For his efforts in assisting William Apostelos defraud investors out of millions of dollars, attorney Steven Scudder was sentenced to fourteen months prison back in June. How much Scudder would pay in restitution was deferred, pending legal arguments from both Scudder and the DOJ. In his response brief, Scudder argued that he ‘should not be [Continue reading…]


Connie Apostelos sentenced to 30 months prison (Genesis Acquisitions)

Connie Apostelos used her share of funds stolen through Genesis Acquisitions to fund $35,000 a month in expenses for her horse racing company. She also had a $400 a month Victoria’s Secret lingerie habit. Connie and her husband William ran the $70 million dollar WMI Enterprises Ponzi scheme. WMI Enterprises was made up of a [Continue reading…]


Apostelos’ sister and niece sentenced to probation

Although we knew various members of William Apsotelos’ family had plead guilty in relation to the Genesis Acqusitions Ponzi scheme, we didn’t really know much about their individual circumstances. At a sentencing hearing on Wednesday, July 26th, it was revealed that William Apostelos’ sister and her daughter “were in fear” of Apostelos and his wife.


William Apostelos sentenced to fifteen years in prison

Following a 2015 indictment and subsequent guilty plea on charges of wire fraud back in February, yesterday William Apostelos was sentenced to fifteen years in prison. Apostelos and his wife Connie Coleman operated a $70 million Ponzi scheme, bilking around 480 investors out of over $20 million dollars.


Steven Scudder sentenced to 14 months in prison

For his part in aiding and abetting William Apostelos to run a $70 million dollar Ponzi scheme, attorney Steven Scudder was criminally charged early last year. Scudder plead guilty to one count of wire fraud in January and was up for sentencing this week.


William Apostelos’ wife pleads guilty to money laundering

With her husband already having plead guilty to wire fraud two months ago, it was only a matter of time before his wife Connie Apostelos buckled. While William Apostelos is credited as the mastermind behind Genesis Acquisitions, federal prosecutors alleged his wife was also involved. In a thirteen page guilty plea, Connie Apostelos acknowledges her involvement [Continue reading…]


William Apostelos pleads guilty to wire fraud (Genesis Acquisitions)

Rather than argue a fruitless case in court and lose anyway, today William Apostelos plead guilty to mail and wire fraud. Apostelos was indicted back in October of 2015 on thirteen counts of wire fraud. Part of Apostelos’ $75 million dollar Ponzi empire included Genesis Acquisitions, reviewed by BehindMLM in October, 2014.


William Apostelos’ trial delayed till April, 2017 (Genesis Acquisitions)

William Apostelos, the man behind the Genesis Acquisitions Ponzi scheme, was scheduled to face trial on February 6th. Citing the need for ore ‘time to adequately prepare this complex case for trial‘ and ‘review a government document recently presented‘, Apostelos asked for a continuance on January 23rd.


Apostelos Ponzi victims’ PNC Bank lawsuit dismissed

Mid last year victims of William Apostelos’ Ponzi scheme filed a lawsuit against PNC Bank. By processing Ponzi payments, victims claim PNC Bank ‘played an “indispensable role” in the success of’ Apostelos’ scheme. The Aposteloses “deposited virtually all of the money” that they raised into one primary PNC business account (referred to as the “8143 Account”) [Continue reading…]


Aspostelos Ponzi victims file lawsuit against PNC Bank

In yet another case of banks being held accountable for turning a blind eye to financial fraud, victims of Bill Apostelos Ponzi scheme are suing PNC Bank. William Apostelos was indicted on 13 counts of wire fraud last October. Apostelos stands accused of orchestrating a $70 million dollar Ponzi scheme and is scheduled to face [Continue reading…]