The husband and wife team from Ohio, William Apostelos and Connie Apostelos, have pleaded not guilty to allegations that they ran a Ponzi scheme that defrauded investors out of $70 million.
According to federal court documents, William and Connie Apostelos pleaded not guilty to charges listed in an indictment, including money laundering and wire fraud. The Ohio couple has been accused of operating a Ponzi scheme in the Dayton area that eventually bilked investors out of about $70 million.
Investigators claim that the Apostelos’ started their scheme in 2009, soliciting investors by claiming that their money would be invested in various stocks and securities. Instead, the couple allegedly used that money for their own purposes, including gambling, home purchases, and funding their other companies.
Meyer Wilson reported on this case back in April, and at that time, the federal complaint accused the couple of defrauding a group of as many as 450 investors out of more than $30 million. It was about a year ago that allegations initially surfaced against the Aposteloses.
At the time of our last update, the U.S. attorney had not yet confirmed or denied any indictment against the Ohio couple. As of last week, the couple has pleaded not guilty to charges included in the indictment against them. Their next hearing is scheduled for today.
Meyer Wilson helps investors recover their losses caused by fraud and misconduct. Watch as Attorney Dave Meyer explains more about Ponzi schemes in the video below.