Acorn Capital Brings HedgeTracker’s 'Hall of Fraud' Closer to $81 billion

April 20th, 2009
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The SEC announced that it has halted yet another Ponzi Scheme. The SEC is alleging that Donald Anthony Walker Young of Coatesville, Pennsylvania-based Acorn Capital Management misappropriated more than $23 million from investors. Acorn Capital is the sixth fraudulent scheme that has been added to the Hall of Fraud in April 2009, bringing the monthly total to $208 million. The Hall of Fraud of now includes 38 schemes that have allegedly robbed investors of almost $81 billion dollars.

According to the SEC's complaint, Mr. Young used investors’ money to pay-out earlier investors. In addition, he directly stole funds for personal expenses, including a Palm Beach home, construction, boats, limousines, and chartered aircraft.

Robert Khuzami, Director of the SEC's Division of Enforcement said in a statement "as alleged in our complaint, Young covered up his thefts by giving phony information to accountants who kept track of each investor's capital balance, and giving false statements to investors that didn't reflect the thefts…Young led investors to believe their money was being invested properly when in reality he was spending it unscrupulously."
See Press Release
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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