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SEC Charges Utah-Based Retirement Plan Administrator With Defrauding Investors
U.S. Securities and Exchange Commission [SEC] Link to more items from this source
Apr. 30, 2014
"The SEC alleges that American Pension Services Inc. (APS) and its founder, president and CEO Curtis L. DeYoung squandered more than $22 million of investor funds on high-risk investments. DeYoung hid the losses by issuing inflated account statements, allowing him to continue collecting fees and further victimizing his customers.... According to the SEC's complaint unsealed yesterday in federal court in Salt Lake City, DeYoung's scheme dates back to at least 2005 and targeted customers with retirement accounts holding non-traditional assets typically not available through traditional 401(k) retirement plans or other IRA custodians."

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