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 number of companies, one of which was
Genesis Acquisitions
.

The Apostelos’ were indicted on mail fraud, wire fraud, money laundering, embezzlement and making a false statement charges back in October, 2015.

William Apostelos
plead guilty
earlier this year in February. Connie
plead guilty
to money laundering a few months later in April.

At a sentencing hearing on August 2nd, Connie Apostelos (right) was
sentenced
to thirty months in prison.

“Connie Apostelos used the money of hard working investors to pay for her extravagant personal expenses and is being held accountable for her actions,” said Ryan L. Korner, Special Agent in Charge, IRS Criminal Investigation, Cincinnati Field Office.

“Now, approximately 500 investors are in financial peril that could last a lifetime.”

Their lawyer and co-conspirator, Steven Scudder was
criminally charged
in March, 2016. He plead guilty in January, 2017 and was
sentenced
to 14 months in prison.

William Apostelos was
sentenced to fifteen years in prison
last month. His sister and niece, who both worked for WMI Enterprises, separately plead guilty and were
sentenced
to three years probation on July 26th.

While those who orchestrated the WMI Enterprises Ponzi scheme will spend a considerable amount of time behind bars, unfortunately for victims it was established early on that there was “
no chance
” of recovering their losses.

An investigation by authorities revealed 480 WMI Enterprises collectively lost about $20 million dollars.

🤖 Quick Answer

Who is Connie Apostelos and what was her crime?
Connie Apostelos co-operated the WMI Enterprises Ponzi scheme alongside her husband William, defrauding investors of $70 million through multiple companies including Genesis Acquisitions. She pleaded guilty to money laundering and was convicted of wire fraud, mail fraud, and embezzlement charges filed in October 2015.

What sentence did Connie Apostelos receive?
Connie Apostelos was sentenced to thirty months in prison during a sentencing hearing on August 2nd. Her husband William had previously pleaded guilty in February, while Connie pleaded guilty to money laundering in April before her sentencing.

How did Connie Apostelos use the stolen funds?
Apostelos used her share of the embezzled funds to finance $35,000 monthly expenses for her horse racing

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