Ohio Ponzi Schemers Swindle Investors
William and Connie Apostelos, a couple from Springboro, Ohio, are under FBI investigation for a financial pyramid scheme that reportedly defrauded investors out of more than $50 million.
The investigation has revealed that more than 160 individuals from the greater Dayton area invested in the pyramid scheme. From November, 2012 to May, 2014, more than $32 million was deposited into accounts controlled by Apostelos and $28 million was transferred to prior investors.
William and Connie Apostelos, Scott A. Doak and Rebekah Fairchild, who all are named as suspects in account affidavit, have not been arrested, charged or indicted with any crimes and the investigation is ongoing.
The “shell” companies Apostelos used in the alleged scheme includes Apostelos Enterprises Inc., Coleman Capital, Inc., Midwest Green Resources, LLC, WMA Enterprises, LLC, OVO Wealth Management, LLC and Silver Bridle Racing, LLC —many of which are housed at 35 Commercial Way in Springboro.
According to the investigation, Apostelos “enticed investors to send him money with false promises as to how he would invest these funds and the rates of return that would be repaid for those investments”, and that he guaranteed rates from 10 to 20 percent. The promissory notes typically were signed by Apostelos and notarized by Fairchild.
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