Fotios Geivelis – Worldwide Funding Charged with Fraud
Fotios Geivelis, Jr., a Florida resident, cheated approximately 45 investors out of more than $3.9 million between April, 2012 to September, 2013, according to an indictment recently unsealed in Pittsburg federal court.
A Pittsburgh federal grand jury indicted Fotios Geivelis, Jr. with 13 counts of wire fraud. He was arrested on Tuesday and the government is asking U.S. District Judge Nora Barry Fischer that he be held without bail because he is a danger to the community and a flight risk, as stated in court records.
Geivelis used the names Frank Geivelis and Frank Anastasio and set up Worldwide Funding III Ltd. Company to carry out the scheme. He and other conspirators used several accounts at Chase, Wells Fargo, J.P. Morgan and PNC Bank, all according to the prosecutors. At least one investor wired money from a First National Bank of Pennsylvania account in Pittsburgh, according to the indictment.
The S.E.C. obtained an emergency court order in Florida to stop Geivelis, Bernard H. Butts and others from continuing the investment scheme that promised about 45 investors they would get a return of about $8.7 million on a $60,000 to $90,000 investment within 15 to 45 days.
Investors were told that their money would be used to obtain an overseas loan for a “humanitarian” or “job-creating” project but instead, Geivelis and the others pinched the money, according to the prosecutors.
As for himself, Geivelis used his share on hotels, restaurants, casinos, restaurants, strip clubs, automobiles, clothing and jewelry. He delayed investigation by claiming that his deals were still in the works, all according to the prosecutors.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no obligation evaluation of their recovery options, at 585-310-5140.