DAYTON, Ohio (AP) — A man accused of defrauding nearly 500 victims in what authorities describe as a $70 million Ponzi scheme has pleaded guilty in Ohio to federal charges including conspiracy to commit mail and wire fraud
Authorities say 55-year-old William Apostelos, formerly of Springboro in western Ohio, also pleaded guilty in U.S. District Court in Dayton to a charge of theft or embezzlement from an employee benefit plan.
Prosecutors say the scheme began in 2009 and continued at least five years.
Authorities say Apostelos operated and oversaw multiple purported investment and asset management companies in the Dayton area, receiving $70 million in investment funds. Court documents say Apostelos paid for personal luxuries with the money instead of making investments.
No sentencing date has been set for Apostelos, who pleaded guilty Friday.