Steven Scudder, Wire Fraud, Ohio 2024

DAYTON – The grim specter of financial chicanery struck close to home as Steven Scudder, 62, of Centerville, was meted out a sentence of 14 months in prison and three years of supervised release for his role in a massive Ponzi scheme that swindled millions.

Scudder pleaded guilty on January 19th, admitting to wire fraud and utilizing his legal standing to perpetuate the deceitful investment scheme masterminded by another.

Benjamin C. Glassman, United States Attorney for the Southern District of Ohio, along with law enforcement heavyweights Ryan L. Korner, Angela L. Byers, Joseph Rivers, James Vanderberg, and Christopher White, announced the sentence imposed by U.S. District Judge Thomas M. Rose.

Between July 2013 and July 2014, Scudder held himself out as the trustee of the WMA Trust, a land trust that promised investors returns on their investments with William Apostelos. Despite his resignation mid-summer 2014, Scudder continued to misrepresent himself under Apostelos’ orders. This deceit lured an investment group from another state into funneling over $1 million into Apostelos’ scheme.

Apostelos was no less nefarious, admitting to orchestrating a $70 million Ponzi scheme that bilked nearly 500 individuals out of their hard-earned money. His sentencing is scheduled for June 30th at 9:30am.

U.S. Attorney Glassman praised the collaborative efforts of law enforcement and Assistant United States Attorney Brent G. Tabacchi, who has been representing the interests of the United States in this case.

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