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SEC Busts Alleged $23M Ponzi Scheme

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.

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