William and Connie Apostelos Allegedly Ran $50 Million Miami Valley Pyramid Scheme

Cleveland stockbroker fraud lawyerWilliam Apostelos, 53, his wife Connie, 49, and two other people allegedly scammed $50 million or more from Miami Valley, Ohio investors, including cops, doctors and businesses, according to allegations made by the FBI.  The Springboro couple was named in an FBI-signed seizure warrant as the architects of an alleged pyramid scheme.

From November 2012 through May of 2012, more than 160 greater Dayton area residents invested more than $32 million in the alleged Ponzi scheme into accounts controlled by William and Connie Apostelos, according to an affidavit filed in federal court.

The affidavit further alleges that, from the aforementioned $32 million, approximately $28 million was allegedly transferred to previous investors, which is usually a telltale red flag that you are dealing with a Ponzi scheme.

The Apostelos duo reportedly used several shell companies in their alleged scheme include Apostelos Enterprises Inc., Coleman Capital, Inc., Midwest Green Resources, LLC, WMA Enterprises, LLC, OVO Wealth Management, LLC and Silver Bridle Racing, LLC, many of whom reside at 35 Commercial Way in Springboro.

William and Connie Apostelos Allegedly Squandered Investor Funds on Racehorses and Million Dollar Farm

William and Connie Apostelos allegedly used bankroll from their pyramid scheme to fund a lavish lifestyle replete with racehorses and a $1 million farm in Clark County, according to federal court documents and the FBI.

William and Connie Apostelos alos bamboozled one family out of more than $5 million, and owe about $7 million to others through local seven Warren County court judgments, according to filings in United States Bankruptcy Court.

Investment Rights Lawyers Investigating

The Peiffer Wolf investment rights lawyers often represent investors who lose money as a result of Ponzi schemes or investment fraud. 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 investment rights lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.

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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.