Monday, April 05, 2010
Palm Beach investment advisor accused in $25M Ponzi scam
Donald Anthony Young, an investment advisor who headed Acorn Capital Management, was charged with running a $25 million Ponzi scheme, prosecutors said... Young, 38, of Palm Beach, was indicted Thursday on one count of mail fraud and one of money laundering, U.S. Attorney Michael Levy in Philadelphia said in a statement.
``Ponzi schemes are usually a vehicle for an unscrupulous person to live high off of someone else's wealth,'' Levy said. ``This defendant helped himself to others' fortunes, living a life of luxury, with little or no regard for the damage to our financial markets.''
Young operated an investment advisory business in Kennett Square, Penn., under names including Acorn Capital Management II LP and Acorn Management LLC, according to the statement...
Miami Herald: Palm Beach investment advisor accused in $25M Ponzi scam
``Ponzi schemes are usually a vehicle for an unscrupulous person to live high off of someone else's wealth,'' Levy said. ``This defendant helped himself to others' fortunes, living a life of luxury, with little or no regard for the damage to our financial markets.''
Young operated an investment advisory business in Kennett Square, Penn., under names including Acorn Capital Management II LP and Acorn Management LLC, according to the statement...
Miami Herald: Palm Beach investment advisor accused in $25M Ponzi scam
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