DAYTON — William M. Apostelos, 55, formerly of Springboro, Ohio, pleaded guilty today in U.S. District Court to orchestrating a $70 million Ponzi scheme that bled nearly 500 victims dry. Apostelos admitted to conspiracy to commit wire and mail fraud, along with conversion of funds from an employee benefit plan, marking the collapse of a fraud operation that spanned at least five years and stretched across 37 states.
Beginning in 2009, Apostelos and his wife, Connie Apostelos (also known as Connie Coleman), ran a web of sham investment firms—including WMA Enterprises, LLC, Midwest Green Resources, LLC, and Roan Capital—falsely promising returns from stock trades, real estate deals, and precious metals investments. William Apostelos lied about holding a mathematics degree and being a registered securities broker, using the facade to lure unsuspecting investors into the trap.
Connie Apostelos operated her own companies, including Coleman Capital, Inc. and Silver Bridle Racing, LLC, which were funded through stolen investor money funneled from William’s operations. Instead of investing the $70 million collected, the couple siphoned cash to fund a grotesque lifestyle: $35,000 per month propped up her horse racing venture, while $400 monthly disappeared on Victoria’s Secret lingerie.
When redemptions stalled, the couple spun lies—claiming bank hacks, wire failures, or stalled deals—to keep victims in the dark. In reality, new investor money was used to pay fake returns, a classic hallmark of Ponzi fraud. Nearly 480 investors lost over $20 million collectively, many of them workers who had invested ERISA-protected retirement funds.
Federal and state agencies, including the FBI, IRS Criminal Investigation, U.S. Postal Inspection Service, and Ohio Division of Securities, dismantled the scheme. Authorities have seized approximately $650,000 in assets, including race horses, vehicles, jewelry, artwork, and cash. The investigation revealed the depth of deceit, with William Apostelos manipulating trust for personal gain.
“William Apostelos took advantage of nearly 500 people, defrauding them of honestly earned money, in order to fuel his own lavish lifestyle,” said U.S. Attorney Benjamin C. Glassman. Troy N. Stemen, Acting SAC of IRS CI, added, “This was a multi-million dollar Ponzi scheme laced with a web of financial lies.” Sentencing is scheduled for a later date before U.S. District Judge Thomas M. Rose.
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Key Facts
- State: Ohio
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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