PHILADELPHIA (CN) - Donald Anthony Walker Young and his investment advisory company Acorn Capital Management took $23 million in a Ponzi scheme, the SEC says. "Young has directly stolen some of these funds, and also has used investor monies to pay other investors in the nature of a Ponzi scheme," according to the federal complaint.
The SEC also sued Young's wife, Neely Young, and Acorn II LP and Oak Grove Partners LP, and W.B. Dixon Stroud Jr., "an individual connected to Young," to whom Young allegedly transferred more than $7 million in 2008.
Read the Top 8
Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.