Meyer Wilson

Recovering Losses Caused By Investment Misconduct

Owner of PA Firm Admits to Swindling Investors Out of More Than $20 Million in Ponzi Scheme

On Tuesday, July 20, Donald Anthony Young pled guilty to one count of mail fraud and one count of money laundering in federal district court, according to a July 21 Philadelphia Daily News article. As part of his plea, the 39-year-old admitted to cheating investors out of more than $20 million from 1999 to 2009.

Athorities said Young told clients they were investing in blue-chip, large-cap companies. In reality, Young diverted more than $23 million to his own accounts, which he used to purchase luxury homes, cars, boats, antiques, and fine jewelry, among other items. He also falsified quarterly statements and liquidated investors' contributions without approval, in order to payoff other investors, according to the article.

In addition to his criminal charges, Young was sued by the SEC in federal court. A federal judge appointed a receiver to pay back investors who were harmed in the scheme. So far, almost $10 million has been repaid.

Young's sentencing is scheduled for October 28.

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