Donald Anthony Walker Young, 38, of Coatesville, Pennsylvania, was indicted Thursday on charges he defrauded investors out of some $26 million in a Ponzi-type investment fraud scheme. Specifically, Young was charged with one count of mail fraud and one count of money laundering. According to prosecutors, over at least a four year period, from 2005 to 2009, Young used investment funds entrusted to him through his investment firm, Acorn Capital Management, LLC, to finance a lavish lifestyle that included homes in Florida and Maine as well as a horse farm in Pennsylvania. Young is also accused of paying earlier investors out of new investment funds and creating false investment statements for clients to conceal his fraud. Young faces up to 30 years in prison, plus fines and restitution if convicted on both felony counts.
Read the story here, here and here.
Read the original SEC complaint here.
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