As part of a civil case brought against him by the SEC, William Apostelos has received an $11.1 million dollar disgorgement judgment.

Apostelos popped up on BehindMLM’s radar in 2014, through a review we did on
Genesis Acquisition International
.

Turns out Genesis Acquisitions was part of a wider Ponzi scheme, which was Apostelos was
busted for
a month after our review.

Apostelos (right) was indicted in 2015. In July 2017 he was sentenced to fifteen years in prison, ordered to pay restitution and had his assets seized – adding up to approximately $32 million.

The SEC was awarded summary judgement against Apostelos in October 2018.

The
judgement
saw Apostelos ordered to pay $11.194,472 back as disgorgement of ill-gotten gains, plus $584,371 in prejudgment interest.

The SEC has also recently initiated
administrative proceedings
against Apostelos.

Given the criminal sentencing and civil order though, to be honest I’m not really sure what the point of additional proceedings is.

In their notice about the proceedings the SEC talks about “remedial action” and suspending Apostelos from having anything to do with penny stocks.

I would have thought that could have been part of the SEC’s initial case but fair enough I guess.

I’ll loosely be keeping track of the remedial proceedings but don’t expect much to come of it.

🤖 Quick Answer

Who is William Apostelos and what legal judgment did he receive?
William Apostelos is a fraudster involved in Genesis Acquisition International, a Ponzi scheme. In October 2018, the SEC obtained summary judgment against him, ordering him to pay $11.194 million in disgorgement of ill-gotten gains plus $584,371 in prejudgment interest. He was previously sentenced to fifteen years in prison in 2017.

What was the total financial penalty imposed on Apostelos?
Apostelos faced multiple financial penalties totaling approximately $32 million. This included $11.194 million in SEC disgorgement, $584,371 in prejudgment interest, and additional restitution ordered following his 2017 criminal conviction for operating the Genesis Acquisition International Ponzi scheme.

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