The SEC alleges that Apostelos used the funds to make payments to earlier investors in a Ponzi scheme and to pay for personal expenses, including funneling $17 million into personal bank accounts, and the purchase of a $1 million farm, cars and race horses.
Doak agreed to a permanent bar from the securities industry and to pay almost $87,000 in disgorgement and a penalty of $160,000.
In October, the SEC charged Apostelos with mutliple counts of wire and securities fraud, while federal prosecutors charged him with criminal fraud, embezzlement and money laundering in the U.S. District Court for the Southern District of Ohio.