Following a 2015
indictment
and subsequent
guilty plea
on charges of wire fraud back in February, yesterday William Apostelos was sentenced to fifteen years in prison.
Apostelos and his wife Connie Coleman operated a $70 million Ponzi scheme, bilking around 480 investors out of over $20 million dollars.
Apostelos’ Ponzi scheme spanned a number of Ponzi schemes. Although mostly non-MLM, through
Genesis Acquisitions
the scam reached out into the MLM underbelly.
When investor funds began to dwindle, Apostelos (right)
trotted out
familiar excuses frequently used to explain Ponzi collapses.
They advised that their bank account had been hacked, a bank mistakenly failed to wire payment or the deal they had invested in was temporarily on hold.
Several of Apostelos’ family members have also plead guilty to fraud. Apostelos’ sister and her daughter are up for sentencing on July 26th. His wife Connie Apostelos is scheduled to be sentenced on August 2nd.
🤖 Quick Answer
Who is William Apostelos and what was his crime?William Apostelos is a fraudster sentenced to fifteen years in prison following a guilty plea on wire fraud charges in February 2015. He and his wife Connie Coleman operated a $70 million Ponzi scheme that defrauded approximately 480 investors of over $20 million dollars, including operations through Genesis Acquisitions in the MLM sector.
What excuses did Apostelos use when investor funds decreased?
As investor funds diminished, Apostelos employed common Ponzi scheme explanations. These included claims that their bank account had been hacked, assertions that a bank mistakenly failed to wire payments, or statements that investment deals were temporarily on hold pending completion.
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