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Published: Monday, March 05, 2018 @ 10:47 AM
The investors who lost the most in the William Apostelos Ponzi scheme have filed a lawsuit against those who they call “net winners” to recover some of their losses in the scam that cost hundreds of people millions of dollars.
The 19 named plaintiffs are suing 56 individual and company defendants and a potential class of 100 John or Jane Does to get back money from those who may have benefited from their investments with the Springboro man serving a 15-year federal sentence for fraud.
Apostelos’ wife, Connie, and others also were sentenced to prison.
A U.S. Bankruptcy Court case against Apostelos may be in jeopardy because the case administrator says they cannot get information they need from federal prosecutors to move forward, according to court documents.
Toby Henderson, the attorney bringing the lawsuit in Montgomery County Common Pleas Court, said the lawsuit is designed to get the “claw-back” money that the bankruptcy case was to seek.
The Ponzi scheme using several shell companies raised at least $66.7 million from 350 investors, “including business persons, professionals, retired police officers and retired factory workers,” according to the lawsuit.
“Apostelos portrayed himself as a sophisticated investor and businessman, and he exploited his network of clients, business associates, and friends to attract new investors. Many investors invested their retirement savings and lost their entire investments to the scheme.”
Henderson said the tough thing about the litigation is that early investors who told friends and family about Apostelos may now have to pay back money to later investors who lost life savings.
“Not all investors lost money,” the lawsuit said. “In furtherance of the scheme, Apostelos distributed millions of the proceeds to a select group of investors.
“That is, numerous investors in the Apostelos Ponzi-Scheme were ‘Net-Winners’ (those investors who received more money from Apostelos than they invested in principal), identified herein as the ‘Net Winner Defendants.’
“This class of investors benefited from the scheme directly out of the monies paid to Apostelos by Plaintiffs. The Net Winner Defendants reaped enormous profits.”
A handful of defendants have started to receive service of the lawsuit, according to court records.
No attorneys are named for defendants, and no court dates have been set.
Published: Friday, June 15, 2018 @ 1:33 AM
Updated: Saturday, June 16, 2018 @ 11:32 AM
OAKWOOD — UPDATE @4:40 a.m. 5/18/18
Ra Shonda M. Fears, 46, of Dayton, remains in critical condition at Miami Valley Hospital.
UPDATE @ 11:30 a.m. 5/17/18
Ra Shonda M. Fears, 46, of Dayton remains in critical condition at Miami Valley Hospital after a vehicle crash Friday morning left her trapped for over an hour in Oakwood.
UPDATE @ 4:45 p.m. 6/16/18
The Dayton woman trapped in her car for more than an hour after she hit the center concrete island and overturned on Far Hills Avenue at Old River Trail is fighting for her life.
The driver, identified as 46-year-old Ra Shonda M. Fears by the Ohio State Highway Patrol’s Dayton Post, remained in critical condition at Miami Valley Hospital.
The crash is under investigation and Fears has not been cited, troopers said.
UPDATE @ 5 a.m. 6/15/18
A woman was headed north on Far Hills Avenue when she hit the center concrete island early Friday and flipped her vehicle onto its top at Old River Trail in Oakwood.
She was trapped for almost an hour, and crews had to use a wrecker to life the car and free her.
The woman was in critical condition when she was taken to Miami Valley Hospital.
The Ohio State Highway Patrol’s Dayton Post is investigating the single-vehicle crash reported around 1:15 a.m. Troopers said speed in this 35 mph zone may have played a factor.
The crash shut down Far Hills Avenue in both directions, but southbound lanes were opened at 3 a.m. and all lanes were open at 5 a.m.
UPDATE @ 3:01 a.m. 6/15/18
A woman was taken to Miami Valley Hospital with injuries considered life-threatening following a crash in Oakwood early Friday.
Troopers said speed appears to be a factor in the single-vehicle crash. It’s unknown if drugs or alcohol played a part.
Southbound Far Hills Avenue is now open. Northbound lanes remain closed.
UPDATE @2:25 a.m. 6/15/18
A driver that was trapped for over an hour in an overturned vehicle has been extricated.
A wrecker had to lift the car so crews could free the driver, according to our crew on the scene. The driver was taken to a local hospital with unknown injuries.
Crews are working to extricate a woman trapped in a car following a crash in Oakwood.
The crash was reported around 1:15 a.m. in the area of Old River Trail and Far Hills Avenue. The car is upside down, and crews have been unable to make contact with the trapped female driver.
Far Hills Avenue is closed in both directions.
Published: Monday, June 18, 2018 @ 4:00 AM
WEST CHESTER TWP. — While secret shoppers are a real job, a man was bilked out of almost $12,000 when he tried it using his West Chester Twp. bank account.
A 43-year-old Kentucky man signed up to be a secret shopper and was told to deposit checks in his account, keep a certain amount for himself and put the rest in another bank account, according to township spokeswoman Barb Wilson.
Published: Sunday, June 17, 2018 @ 5:42 PM
A wreck in Middletown on Sunday afternoon sent a motorcyclist to the hospital via helicopter.
Officials were not immediately able to provide many details about the crash, which happened at Grand Avenue and Burton Road, according to an Ohio State Highway Patrol dispatcher. The patrol was assisting Middletown police at the scene.
Officials believe it involved a collision with a vehicle, and the motorcyclist was not wearing a helmet, a dispatcher said.
Published: Sunday, June 17, 2018 @ 4:05 AM
Updated: Sunday, June 17, 2018 @ 12:00 PM
SPRINGFIELD — UPDATE @ 12 p.m.:
Jahream Beard, 35, died at the scene of the shooting outside of the Wagon Wheel in Springfield Sunday morning, according to Springfield police.
UPDATE @ 8:31 a.m.:
The two male victims injured in the shooting at Wagon Wheel were taken to Springfield Regional Medical Center with apparent non-life threatening injuries, according to Springfield police.
One man in his 30’s died at the scene, according to officials.
Police confirmed an altercation occurred outside the Wagon Wheel when someone pulled a gun at one point.
It’s not known who fired the gun or how many shots were fired at this time.
The deceased victim’s body was transported to Clark County Coroner’s Office.
South Burnett Road was reopened as vehicles are being towed.
The incident is still under investigation, police said.
UPDATE @ 5:12 a.m.:
Bureau of Criminal Investigation units arrived on scene at Wagon Wheel bar on 1005 S. Burnett Rd. after a fatal shooting left a male dead and two injured.
The injured victims were transported to an area hospital for unknown injuries. Police confirmed they are both male.
Police have not released the victims’ identities.
At this time, S. Burnett Rd. has been closed off.
UPDATE @4:30 a.m.:
Police have confirmed crime units and an investigator are on scene of a fatal shooting at Wagon Wheel bar in the 1000 block of S. Burnett Road.
The shooting took place early Sunday around 2:30 a.m. leaving one person, confirmed as a male, dead and two others injured.
Yellow crime scene tape has been placed around the deceased victim’s body that was found laying in the parking lot next to a vehicle.
Police have not released any information on the victims’ identities or if any suspects have been named.
A fatal shooting at Wagon Wheel bar located in the 1000 block of S. Burnett Rd. has left one dead and two others injured.
Conditions of the injured victims are unknown.
The shooting may have occurred some time early Sunday around 2:30 a.m. but is unconfirmed by police at this time. Police have also not confirmed if there are any suspects.
We are on scene and will update this story as more details become available.