Spiro Edward Germenis is wanted for his alleged orchestration of a "Ponzi" scheme, which led to him being charged with violating federal fraud by wire laws in 2007. Germenis established an investment management and advisory business named Oracle Evolution LLC, which was based in Great Neck, New York. He created various hedge funds and expanded his business by attracting new investors through networking groups and personal referrals. Germenis eventually lost substantial sums of money due to poor investment choices, gambling, and the use of his clients' money to fund a lavish lifestyle. He then allegedly sent his clients falsified financial statements showing excellent investment returns, which led to more investment money from his victims.
The fraud collapsed when one of his largest investors sought to withdraw money from one of the hedge funds. The majority of those doing business with Germenis were middle-class people, and some were senior citizens who invested and lost their entire life savings. Together, more than twenty-five victims lost over eight million dollars.
Germenis disappeared in October of 2006. After telling his family that he was going to a baseball game, Germenis drove to JFK Airport in New York and boarded a flight to Athens, Greece. He has not been seen or heard from since.
On September 27, 2007, Germenis was charged with fraud by wire and a federal arrest warrant was issued by the United States District Court, Eastern District of New York, in Brooklyn, New York.
Germenis may have facial hair. He has ties to Greece.