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Dayton Woman Pleads Guilty to Role in Massive Ponzi Scheme
Rebekah Riddell, 30, of Dayton, Ohio, pleaded guilty to one count of conspiracy to commit mail fraud today in U.S. District Court, according to the U.S. Attorney’s Office for the Southern District of Ohio.
Riddell’s guilty plea is connected to a $70 million Ponzi scheme that allegedly defrauded nearly 480 investors out of more than $30 million. The scheme, orchestrated by William and Connie Apostelos, operated in the Dayton area from 2009 to 2014.
The indictment alleges that William Apostelos, 54, operated multiple investment and asset management companies, including WMA Enterprises, LLC, Midwest Green Resources, LLC, and Roan Capital. He allegedly falsely reported holding a degree in mathematics and being a registered securities broker.
Connie Apostelos, 50, also operated multiple companies, including Coleman Capital, Inc. and Silver Bridle Racing, LLC. These companies were allegedly financed through improper use of investor funds intended for WMA and Midwest Green.
Riddell and another former employee, Rebekah Fairchild, 53, pleaded guilty to conspiracy to commit wire and mail fraud. They were employed at Midwest Green and WMA from August 2009 to October 2014. To perpetuate the scheme, they engaged in activities such as wiring later investors’ money into earlier investors’ bank accounts and providing false excuses for non-payment to investors.
Riddell and Fairchild each face a potential maximum sentence of five years in prison. U.S. Attorney Carter M. Stewart commended the investigation by law enforcement agencies, including the Internal Revenue Service Criminal Investigation, Federal Bureau of Investigation, U.S. Postal Inspection Service, and Ohio Department of Commerce Division of Securities.
The case is being prosecuted by Assistant United States Attorneys Brent G. Tabacchi and Alex R. Sistla. William and Connie Apostelos’ trial is scheduled to begin in May 2016. The indictment merely contains allegations, and the defendants are presumed innocent unless proven guilty in a court of law.
Key Facts
- State: Ohio
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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