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Defendant Pleads Guilty in $70M Ponzi Scheme
DAYTON – Connie Apostelos, 51, formerly of Springboro, Ohio, pleaded guilty in U.S. District Court today to charges related to a $70 million Ponzi scheme that defrauded nearly 500 victims.
Apostelos, also known as Connie Coleman, pleaded guilty to one count of money laundering. According to court documents, she operated and oversaw multiple companies in the Dayton area, including Coleman Capital, Inc. and Silver Bridle Racing, LLC.
The couple recruited investors from 37 states to invest in WMA and Midwest Green, telling the investors that their money would be used for acquiring stocks or securities, purchasing real estate or land, providing loans to business and buying gold and silver.
Instead of investing the money, the couple used it to pay for personal luxuries, including $35,000 per month on Connie’s horse racing company and $400 per month on Victoria’s Secret lingerie.
The government has seized two racehorses, vehicles, jewelry, artwork and cash totaling approximately $650,000 from the couple.
Apostelos’ sentencing has been scheduled for August 2, and she faces up to 10 years in prison for money laundering.
Her husband, William Apostelos, pleaded guilty to conspiracy to commit mail and wire fraud and theft or embezzlement from an employee benefit plan, with a recommended sentence of 180 months in prison.
Key Facts
- State: Ohio
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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