William Apostelos and his wife Connie orchestrated the WMI Enterprises $70 million Ponzi scheme

Attached to this was Genesis Acquisitions, a company that
attracted our attention
in October, 2014.

Following an
indictment
in October, 2015, Apostelos (who also goes by Bill), was
sentenced to fifteen years in prison
last year.

Unfortunately for Apostelos’ victims, the FBI stated there was “no chance of recovering invested funds”.

Determined to hold those who stole their money responsible, nineteen victims have taken matters into their own hands.

I don’t have specifics of the lawsuit but from a local media report by Dayton Daily News, Apostelos’ victims have filed a complaint against ‘
56 individual and company defendants and a potential class of 100 John or Jane Does
‘.

According to the attorney representing the victims, ‘
the lawsuit is designed to get the “claw-back” money that the bankruptcy case was to seek.
‘

Whether any of the plaintiff victims are Genesis Acquisitions investors is unclear.

As per the
Dayton Daily News Report
, the bankruptcy case against Apostelos

may be in jeopardy because the case administrator says they cannot get information they need from federal prosecutors to move forward.

Not sure what the story is there but here’s hoping Apostelos’ victims are able to recover at least some of their losses.

🤖 Quick Answer

Who is William Apostelos and what crime did he commit?
William Apostelos, also known as Bill, orchestrated the WMI Enterprises Ponzi scheme alongside his wife Connie, defrauding investors of approximately $70 million. He was indicted in October 2015 and sentenced to fifteen years in prison for his involvement in this fraudulent investment operation.

What action have Apostelos' victims taken?
Nineteen victims of the Ponzi scheme filed a civil clawback lawsuit against 56 individual and company defendants plus approximately 100 unnamed defendants. The victims pursued legal action after the FBI stated there was no chance of recovering their invested funds through criminal proceedings.

What role did Genesis Acquisitions play in the scheme?
Genesis Acquisitions was a company associated with the WMI Enterprises Ponzi scheme that attracted investigative attention in October 2014, preceding

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