Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

$50 Million Ponzi Scheme in Southwest Ohio

Another multi-million dollar Ponzi Scheme in Ohio in 2014? It's hard to believe but it is true. Our law firm started receiving calls from victims of Ohio's latest Ponzi scheme several months ago. And, as we expected, William Apostelos is now under investigation by the FBI for a suspected Ponzi scheme that duped investors out of $50 million. According to court filings, Apostelos solicited investments from Miami valley residents and promised them large returns. He held himself out as a knowledgeable securities trader.

To solidify these "investments," Apostelos executed and delivered promissory notes to investors. The Notes were made payable in short periods of time, sometimes in a matter of months, with interest rates as high as 50 percent. The shell companies Apostelos used in the alleged scheme include Apostelos Enterprises Inc., Coleman Capital, Inc., Midwest Green Resources, LLC, WMA Enterprises, LLC, OVO Wealth Management, LLC and Silver Bridle Racing, LLC.

After collecting funds from investors, Apostelos made periodic payments to investors in an effort to purportedly follow through with his promise of large returns. However, instead of reflecting actual gains on investments, money from new investments was used to pay existing investors. Other investor money was used to fund an extravagant lifestyle that included buying racehorses and a $1 million farm in Clark County.

An affidavit filed in federal court revealed that, after a five-month investigation, at least 160 people from the Dayton metro area invested in the Ponzi scheme from November 2012 to May 2014. Apostelos deposited over $32 million into accounts he controlled, and the remaining $28 million went to pay earlier investors.

The scheme unraveled this year. The periodic payments to investors became less frequent, until they eventually stopped altogether. As a result, Apostelos defaulted on many of these notes. On October 14, 2014, Apostelos was forced into bankruptcy by several creditor-investors. The FBI investigation remains ongoing, and it could be awhile before official criminal charges are filed.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram