As a part of a civil case introduced in opposition to him by the SEC, William Apostelos has obtained an $11.1 million greenback disgorgement judgment.
Apostelos popped up on BehindMLM’s radar in 2014, by means of a evaluate we did on Genesis Acquisition Worldwide.
Seems Genesis Acquisitions was a part of a wider Ponzi scheme, which was Apostelos was busted for a month after our evaluate.
Apostelos (proper) was indicted in 2015. In July 2017 he was sentenced to fifteen years in jail, ordered to pay restitution and had his property seized – including as much as roughly $32 million.
The SEC was awarded abstract judgement in opposition to Apostelos in October 2018.
The judgement noticed Apostelos ordered to pay $11.194,472 again as disgorgement of ill-gotten beneficial properties, plus $584,371 in prejudgment curiosity.
The SEC has additionally lately initiated administrative proceedings in opposition to Apostelos.
Given the prison sentencing and civil order although, to be sincere I’m not likely positive what the purpose of further proceedings is.
Of their discover concerning the proceedings the SEC talks about “remedial motion” and suspending Apostelos from having something to do with penny shares.
I might have thought that would have been a part of the SEC’s preliminary case however truthful sufficient I suppose.
I’ll loosely be retaining observe of the remedial proceedings however don’t anticipate a lot to come back of it.