You read all about Bernie Madoff and the elaborate ponzi scheme he created to st

Question

You read all about Bernie Madoff and the elaborate ponzi scheme he created to steal hundreds of millions of dollars from everyday Americans. You might think that this type of high profile, white-collar crime only happens in big cities, think again. Read the following article: Dayton Ponzi Scheme, about the Bernie Madoff of Dayton. After reading the article: https://www.daytondailynews.com/news/crime--law/bernie-madoff-dayton-ordered-serve-years-and-pay-back-32m/V3Q6lswVHQyYwrxKpqV5pM/ a. Categorize and define the various types of crimes committed by the Defendant. b. Explain the criminal aspects and civil ramifications of the Defendant' actions. c. Explain what crimes employee's of the Defendant could be charged with. d. The defendant in Dayton was convicted under Federal Law. Attempt to identify what crimes the Defendant could have been charged with under Ohio law. (Hint: Start here ORC Title 29) Artical: Ponzi scheme mastermind gets 15 years in prison ‘Bernie Madoff of Dayton’ ordered to serve 15 years and pay back $32M Updated June 30, 2017 By Mark Gokavi, Staff Writer Share on FacebookShare on Twitter...More One at a time Friday, six people among the hundreds of victims who lost more than $32 million in a Ponzi scheme run by a Springboro man told a judge their stories of financial ruin. One man, who lost nearly $500,000 of his family’s money and invested it only 10 weeks before William Apostelos’ arrest, said Apostelos was the “poster child of a con artist — slick, smooth and ruthless.” The man added he didn’t have the heart to tell his dying father that decades worth of savings were gone. William Apostelos, 55, was sentenced to 15 years in prison and ordered to repay $32,776,576.72 to nearly 500 victims. A prosecutor called Apostelos “the Bernie Madoff of Dayton, Ohio,” and U.S. District Court Judge Thomas Rose admonished Apostelos, who had pleaded guilty to conspiracy to commit mail fraud and wire fraud and to embezzlement of an employee benefit plan. RELATED: Apostelos pleads guilty to Ponzi scheme “You literally led these people that you knew to their financial ruin,” Rose said Friday in a packed courtroom in Dayton’s U.S District Court. “How could you? How could you do it?” Apostelos was taken from a Dayton federal courtroom in handcuffs and to the applause of about 50 of his victims. Federal investigators estimated more than $70 million was taken in during a span of at least five years. The 15-year sentence was the top end of a plea deal range. Apostelos and his wife Connie originally were indicted on 27 counts. She will be sentenced later this summer. When he did address the court, Apostelos said, “I am embarrassed and ashamed, mortified at my own behavior.” RELATED: Seizures in Ponzi case include race horses, cash, jewelry and artwork Rather than investing the money received, Apostelos used it to pay for a lifestyle that included a $35,000 per month horse racing business, trips to casinos and his wife’s $400 per month Victoria’s Secret bill, according to court documents. The judge heard six victim stories as Apostelos sat mostly stone-faced while at the defense table. RELATED: Two plead guilty in Ponzi conspiracy A longtime area police officer and his nurse wife said they also lost a half-million dollars. “Apostelos has sentenced me to 10 more years of worth of working,” the wife said, “but at least the race horses were well-fed.” A woman said she won’t be able to retire anytime soon and that her husband had to return to work after a long illness. Another victim said she and her husband were going to lose their home and couldn’t afford the $1,700 it cost to declare bankruptcy. “The food pantry that we once served now serves us,” she said. “To you, Bill, the man of your word, you’re a liar and a thief.” RELATED: Centerville attorney sentenced for his role in $70 million Ponzi scheme A woman said she has become fearful and skeptical of others, not the positive person she used to be when she beat colon cancer in 2007: “This whole situation has been much, much harder.” Another victim said she and her husband’s $340,000 saved during a combined 63 years worth of work is all gone and her husband has type-4 brain cancer. The woman said she told Apostelos she needed money back for her husband’s treatment and, “Bill would say, ‘No problem. No problem,’ ” she said. “I say Bill needs the maximum amount of punishment because I think he earned it.” RELATED: Wife of Ponzi scheme architect pleads guilty Assistant U.S. attorney Brent Tabacchi said Apostelos and his co-defendants “perpetrated once of the most egregious financial frauds in recent Dayton history. The scope of his crimes are staggering.” In comparing Apostelos to the legendary Ponzi mastermind, Tabacchi said Madeoff shook down his wealthy friends whereas Apostelos suckered “work a day, largely blue collar” people like secretaries, police officers and firefighters. “The money he took in represented life savings,” Tabacchi said, adding that the defendant “had no job except the Ponzi scheme.” RELATED: Alleged Ponzi scheme victims trusted client list Defense attorney Art Mullins said his client had expressed remorse: “If he had the money, he would make everyone whole.” Mullins also said Apostelos – who he said has four metal rods in his back – has been sleeping on the floor at his niece’s house: “Mr. Apostelos himself is a broken man” as gallery members groaned when the attorney asked for a five-year sentence. Mullins said 15-year sentences should be reserved for violent offenders, adding that when Apostelos is released, he will be destitute, to which several gallery members muttered, “Good.” RELATED: Suspect in alleged Ponzi scheme says he’s a victim Apostelos told the judge that he accepted responsibility for his actions of letting people down. “In the end, a man has to stand here and admit his mistakes,” he said. “I understand I’m a monster. … The last thing I ask is I need the chance to pay these people back, even if it’s one percent of one percent.” Apostelos’ sister, niece and attorney have previously been sentenced in the scheme, which involved Apostelos operating and overseeing multiple purported investment and asset management companies. Those included WMA Enterprises LLC, Midwest Green Resources LLC and Roan Capital. Investigators said Apostelos falsely reported he had a degree in mathematics and was a registered securities broker. RELATED: More people come forward in FBI investigation of pyramid scheme Connie Apostelos operated and oversaw Coleman Capital Inc. and Silver Bridle Racing LLC, which investigators said were financed through improper use of investor funds. The couple recruited investors from 37 states to invest in WMA and Midwest Green, telling them their money would be used for acquiring stocks or securities, purchasing real estate or land, providing loans to business and buying gold and silver — often promising returns between 10 and 60 percent. Investigators said when the defendants were late on interest payments, they told investors that their bank account had been hacked, a bank mistakenly failed to wire payment and/or the deal the victim had invested in was temporarily on hold. SOCIAL MEDIA: Follow Mark Gokavi on Twitter or Facebook “This was a massive and devastating fraud – the largest Ponzi scheme ever in Dayton,” said Benjamin Glassman, the U.S. Attorney for the Southern District of Ohio. “Apostelos thoroughly deserves the substantial prison sentence that he received today.” Before he ordered Apostelos immediately be taken into custody by the U.S. Marshals, Rose said the defendant had orchestrated one of the most callous, heartless and calculated offenses he’d seen before him in 27 years on the bench. Rose said he still wasn’t convinced Apostelos understood the impact of his crimes. Said the judge, “I didn’t hear sorry a lot.”

Explanation / Answer

You literally led these humans that you just knew to their monetary break, Rose mentioned Friday in a packed court docket in Dayton's u.S.A.District court. How might you? How would you do it?

Apostelos used to be taken from a Dayton federal court docket in handcuffs and to the applause of about 50 of his victims.

Federal investigators estimated greater than $70 million was taken in during a span of at least 5 years. The 15-yr sentence used to be the highest end of a plea deal variety. Apostelos and his spouse Connie at the beginning were indicted on 27 counts. She might be sentenced later this summer time.

When he did handle the court docket, Apostelos mentioned, i'm embarrassed and ashamed, mortified at my possess conduct.

instead than investing the cash obtained, Apostelos used it to pay for a subculture that integrated a $35,000 per 30 days horse racing trade, journeys to casinos and his spouse $four hundred per 30 days Victoria Secret bill, in keeping with court files.

The judge heard six victim stories as Apostelos sat quite often stone-faced while on the defense desk.

A longtime field police officer and his nurse wife stated in addition they lost a 1/2-million dollars. Apostelos has sentenced me to 10 more years of valued at of working, the wife mentioned, however at the least the race horses had been well-fed.

a lady stated she received't be ready to retire whenever soon and that her husband needed to return to work after an extended health problem.

Yet another sufferer mentioned she and her husband have been going to lose their house and couldn't have enough money the $1,seven-hundred it fee to declare chapter. The food pantry that we as soon as served now serves us,she stated. To you, invoice, the man of your phrase, you're a liar and a thief.

a woman said she has end up frightened and skeptical of others, now not the confident person she was when she beat colon cancer in 2007: This whole obstacle has been much, so much more difficult.

a further sufferer stated she and her husband $340,000 saved in the course of a mixed sixty three years valued at of work is all long gone and her husband has sort-four brain melanoma.

The lady stated she told Apostelos she needed a reimbursement for her husbands therapy and, bill would say, No crisis. No obstacle,she mentioned. I say invoice wants the highest quantity of punishment due to the fact that I think he earned it.

Assistant U.S. Legal professional Brent Tabacchi stated Apostelos and his co-defendants perpetrated as soon as of probably the most egregious financial frauds in contemporary Dayton history. The scope of his crimes are fabulous.

In comparing Apostelos to the legendary Ponzi mastermind, Tabacchi stated Madeoff shook down his rich neighbors whereas Apostelos suckered work a day, mostly blue collar humans like secretaries, law enforcement officials and firefighters.

the money he took in represented life savings, Tabacchi mentioned, adding that the defendant had no job except the Ponzi scheme.

security legal professional artwork Mullins mentioned his client had expressed regret: If he had the cash, he would make every body whole.

Mullins additionally stated Apostelos who he said has 4 metal rods in his back has been slumbering on the floor at his niece apartment: Mr. Apostelos himself is a damaged man as gallery contributors groaned when the legal professional requested for a five-12 months sentence.

Mullins stated 15-12 months sentences will have to be reserved for violent offenders, including that after Apostelos is launched, he's going to be destitute, to which a couple of gallery individuals muttered, excellent.

Apostelos informed the choose that he authorised responsibility for his actions of letting individuals down. subsequently, a man has to stand right here and admit his mistakes, he stated. I recognize I'm a monster. The last factor I ask is i need the danger to pay these persons again,, even though its one percent of one percent.

Apostelos sister, niece and lawyer have previously been sentenced within the scheme, which concerned Apostelos running and overseeing multiple purported funding and asset administration corporations.

Those integrated WMA organisations LLC, Midwest inexperienced assets LLC and Roan Capital. Investigators mentioned Apostelos falsely suggested he had a degree in arithmetic and used to be a registered securities dealer.

Connie Apostelos operated and oversaw Coleman Capital Inc. And Silver Bridle Racing LLC, which investigators mentioned have been financed via wrong use of investor funds.

The couple recruited traders from 37 states to put money into WMA and Midwest green, telling them their money can be used for acquiring shares or securities, purchasing actual estate or land, delivering loans to industry and purchasing gold and silver almost always promising returns between 10 and 60 percent.

Investigators said when the defendants were late on interest repayments, they told traders that their financial institution account had been hacked, a bank mistakenly did not wire fee and/or the deal the sufferer had invested in was briefly on keep.

This was a large and devastating fraud the largest Ponzi scheme ever in Dayton, stated Benjamin Glassman, the U.S. Attorney for the Southern District of Ohio. Apostelos totally deserves the gigantic prison sentence that he bought at present.

before he ordered Apostelos immediately be taken into custody by using the U.S. Marshals, Rose stated the defendant had orchestrated one of the crucial callous, heartless and calculated offenses he'd seen before him in 27 years on the bench.

Rose mentioned he nonetheless wasn't satisfied Apostelos understood the have an impact on of his crimes. Mentioned the decide, didn't hear sorry rather a lot.

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