As part of a civil case brought against him by the SEC, William Apostelos has received an $11.1 million dollar disgorgement judgment. Apostelos popped up on BehindMLM’s radar in 2014, through a review we did on Genesis Acquisition International. Turns out Genesis Acquisitions was part of a wider Ponzi scheme, which was Apostelos was busted [Continue reading…]
Genesis Acquisitions @ BehindMLM
William Apostelos and his wife Connie orchestrated the WMI Enterprises $70 million Ponzi scheme Attached to this was Genesis Acquisitions, a company that attracted our attention in October, 2014. Following an indictment in October, 2015, Apostelos (who also goes by Bill), was sentenced to fifteen years in prison last year. Unfortunately for Apostelos’ victims, the [Continue reading…]
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 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…]
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.
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.
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.
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…]
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, 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.