William Apostelos and his wife Connie orchestrated the WMI Enterprises $70 million Ponzi scheme
Attached to this was Genesis Acquisitions, a company that attracted our attention in October, 2014.
Unfortunately for Apostelos’ victims, the FBI stated there was “no chance of recovering invested funds”.
Determined to hold those who stole their money responsible, nineteen victims have taken matters into their own hands.
I don’t have specifics of the lawsuit but from a local media report by Dayton Daily News, Apostelos’ victims have filed a complaint against ‘56 individual and company defendants and a potential class of 100 John or Jane Does‘.
According to the attorney representing the victims, ‘the lawsuit is designed to get the “claw-back” money that the bankruptcy case was to seek.‘
Whether any of the plaintiff victims are Genesis Acquisitions investors is unclear.
As per the Dayton Daily News Report, the bankruptcy case against Apostelos
may be in jeopardy because the case administrator says they cannot get information they need from federal prosecutors to move forward.
Not sure what the story is there but here’s hoping Apostelos’ victims are able to recover at least some of their losses.