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”) and paid “monthly interest payments” to investors from that account.

Throughout the life of his Ponzi scheme, Apostelos opened eight accounts with PNC Bank.

His victims argue that PNC Bank should have cottoned on to Apostelos’ fraud and are therefore liable for $30 million in damages.

In a filed Motion to Dismiss, PNC Bank argue they only participated in “standard commercial banking activities”.

Judge Rose granted the motion to dismiss on January 10th because the victims failed to prove otherwise.

PNC Bank maintain they had no idea Apostelos was committing Ponzi fraud and Apostelos’ victims failed to provide any evidence to the contrary.

William Apostelos himself is currently scheduled to face trial on February 6th. Stay tuned…

🤖 Quick Answer

What was the PNC Bank lawsuit filed by Apostelos Ponzi scheme victims about?
Victims of William Apostelos' Ponzi scheme sued PNC Bank, claiming the bank played an indispensable role in facilitating the fraud by processing payments. The plaintiffs alleged PNC Bank should have detected suspicious activity across eight accounts opened by Apostelos and sought $30 million in damages for negligence.

How did PNC Bank respond to the lawsuit allegations?
PNC Bank filed a Motion to Dismiss, arguing they only engaged in standard commercial banking activities. The bank contended they were not liable for failing to detect fraud, as processing deposits and payments constituted routine financial operations within normal banking practices.

What was the court's ruling on PNC Bank's Motion to Dismiss?
Judge Rose granted PNC Bank's Motion to Dismiss, accepting their defense that routine banking activities did not constitute participation in the

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