Concord, New Hampshire – In a shocking turn of events, a local man has been sentenced to 33 months in prison for his involvement in a complex mail fraud scheme that left dozens of investors with significant financial losses.
According to court documents, 64-year-old William Orestis, of Greenland, New Hampshire, solicited money on behalf of a sham investment company called Equivest, LLC. Between November 2003 and July 2010, Orestis and his partner, Steven Lewis, falsely assured investors that their money would be used to purchase foreign currencies and to support Equivest’s business activities.
However, it was later revealed that Orestis and Lewis had defrauded investors of approximately $572,017, with only a portion of the money being used to buy foreign currencies and make payments to some investors. The pair obtained a total of $696,732 from investors, but used the majority of it for their own personal gain.
Orestis was sentenced to 33 months in prison and 3 years of supervised release for his role in the mail fraud offense. The case was investigated by the United States Postal Inspection Service and prosecuted by Assistant United States Attorney Bob Kinsella.
The investigation revealed that Orestis and Lewis provided bogus account statements to investors, falsely claiming that impressive profits had been earned in Equivest accounts by other investors. They also promised investors that their accounts would earn income at rates as high as 18 percent annually.
As a result of the scheme, many investors were left with significant financial losses. The exact amount of money that was lost is still unknown, but it is estimated to be in the hundreds of thousands of dollars.
Orestis’s sentencing is a significant blow to the community, and serves as a reminder of the importance of being cautious when investing in unfamiliar companies. The case also highlights the need for greater transparency and accountability in the financial industry.
The case is a stark reminder that mail fraud is a serious crime that can have devastating consequences for victims. The Grimy Times will continue to follow this case and provide updates as more information becomes available.
Defendant Name: William Orestis
Criminal Charges: Mail Fraud
City and State: Greenland, New Hampshire
Date: December 11, 2012 (sentencing)
Sentence: 33 months in prison and 3 years of supervised release
Dollar Amount: $696,732 (total amount obtained from investors), $572,017 (amount defrauded from investors)
Related Federal Cases
- William Frazier, Wire Fraud, Georgia 2013 · Washington
- Mustafa Hasan Arif, Wire Fraud, New Hampshire 2023 · Florida
- Tyree Skipper, Conspiracy to Commit Mail and Wire Fraud, West Virginia 2023 · Florida
- Elvis Barban Chavez, Credit Card Fraud, New Hampshire 2024 · New Hampshire
- Robert Guzman, Mail Fraud, New York 2016 · New Hampshire
Key Facts
- State: New Hampshire
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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