DAYTON, Ohio (AP) — A man accused of defrauding nearly 500 people in a $70 million Ponzi scheme has been sentenced to 15 years in prison and ordered to pay more than $32 million in restitution.
Federal authorities say 55-year-old William Apostelos, formerly of Springboro, Ohio, was sentenced Friday in federal court in Dayton. He pleaded guilty in February to conspiracy to commit mail and wire fraud and theft or embezzlement from an employee benefit plan.
Authorities say the scheme began in 2009. They say Apostelos operated purported investment and asset management companies in the Dayton area, receiving $70 million in investment funds from people in 37 states. Court documents say Apostelos paid for personal luxuries with the money instead of making investments.
He said in court that he was "embarrassed and ashamed."