Genesis Acquisitions @ BehindMLM

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…]

FBI: Genesis Acquisitions International part of a $50M Ponzi

A few weeks ago I wrote an article exposing Genesis Acquisitions International. Shrouded in secrecy, much of what we learned of the scheme was through secret emails written by Ken Russo. Russo, a serial participant in the some of the worst MLM scams ever to launch, lured investors via email with promises of 20% “guaranteed” ROIs [Continue reading…]

What is Genesis Acquisitions International?

Had a request to look into something called Genesis Acquisitions International from a reader. Doesn’t seem to a website available and there’s talk of investments, NDAs, real-estate in Kentucky, SEC compliance and all sorts of nonsense. So, what’s Genesis Acquisitions International all about? With publicly available details on the company being sketchy at best, here’s [Continue reading…]