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U.S. markets recover from steep losses
PHILADELPHIA, April 1 (UPI) -- Federal authorities Thursday charged Pennsylvania investor Donald Young with running a Ponzi scheme that allegedly lost $25 million of investors' funds.
Young was indicted on charges of money laundering and mail fraud. The Department of Justice said Young operated a variety of investment businesses, including Acorn Capital Management II LP, and that he secured more than $95 million from investors.
The funds did not all go into investment, as promised, the Justice Department said. Prosecutors said $25 million was spent on, among other things, luxury homes in Maine, Florida and Pennsylvania.
"Ponzi schemes are usually a vehicle for an unscrupulous person to live high off of someone else's wealth," said U.S. Attorney Michael Levy. "According to the indictment, this defendant helped himself to others' fortunes."
Young faces a maximum sentence of 30 years in prison, a possible $500,000 fine and an order to pay $27 million in restitution, the Justice Department said.
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