Ponzi scheme fraud­ster given 15 years

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM -

DAY­TON, Ohio — A man ac­cused of de­fraud­ing nearly 500 peo­ple in a $70 mil­lion Ponzi scheme has been sen­tenced to 15 years in prison and or­dered to pay more than $32 mil­lion in resti­tu­tion.

Fed­eral au­thor­i­ties say 55-year-old Wil­liam Aposte­los, formerly of Spring­boro, Ohio, was sen­tenced Fri­day in fed­eral court in Day­ton. He pleaded guilty in Fe­bru­ary to con­spir­acy to com­mit mail and wire fraud, and theft or em­bez­zle­ment from an em­ployee ben­e­fit plan.

Au­thor­i­ties say the scheme be­gan in 2009. They say Aposte­los op­er­ated in­vest­ment and asset man­age­ment com­pa­nies in the Day­ton area, re­ceiv­ing $70 mil­lion in in­vest­ment funds from peo­ple in 37 states. Court doc­u­ments say Aposte­los paid for per­sonal lux­u­ries with the money in­stead of mak­ing in­vest­ments.

He said in court that he was “em­bar­rassed and ashamed.”

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