Articles under ‘Genesis Acquisitions’:

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…]

Apostelos’ trial delayed till Feb, 2017 (Genesis Acquisitions)

William Apostelos ran a $70 million dollar Ponzi scheme, which branched out into MLM via Genesis Acquisitions. In November 2014 the FBI shut the scheme down. Apostelos was indicted just under a year later on thirteen counts of wire fraud. Apostelos’ trial had been inching closer but due to discovery issues, has now been delayed until February, [Continue reading…]

Trust attorney charged in Genesis Acquisitions Ponzi case

Typically when we see regulators go after attorneys in Ponzi busts, it’s usually a civil fine and the usual “we don’t admit or deny anything” rubbish. Not so in the Genesis Acquisitions Ponzi bust, with the United States’ Attorney’s Office filing criminal charges against attorney Steven Scudder. Scudder has been federally charged with aiding or [Continue reading…]

William Apostelos indicted on 13 counts of wire fraud

Following the disappointment of an FBI affidavit revealing Genesis Acquisitions affiliates have “no chance” of recovering invested funds, some respite today with the news William Apostelos is facing criminal charges. Apostelos, who with his wife Connie orchestrated a $70 million dollar Ponzi scheme through WMA Enterprises and Midwest Green, was indicted on thirteen counts of wire fraud.

“No chance” of recovery for Genesis Acquisitions investors

Genesis Acquisitions International popped up on my radar back in October. Promoted on the momentum of a purported $860,000 test investment by the scheme’s founders in July, Genesis Acquisitions International were soliciting a minimum $5000 investment on the promise of a 20% ROI. Fortunately that all came crashing down when the FBI busted William Apostelos, [Continue reading…]