SEC v. Donald Anthony Walker Young

SEC Complaint in SEC v. Donald Anthony Walker Young

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The SEC charged Donald Anthony Walker Young, a Philadelphia-area investment adviser and its principal with misappropriating millions of dollars in client assets, and obtained an emergency court order freezing their assets.

According to the SEC complaint, Donald Anthony Walker Young, through Acorn Capital Management, LLC, a registered investment adviser controlled by Young, has misappropriated more than $23 million from investors buying into limited partnership interests in Acorn II, L.P., ("Acorn LP") which invested in publicly traded securities.

Young used investor funds to pay other investors in the nature of a Ponzi scheme. He directly stole some of the money to purchase a vacation home in Palm Beach, Florida, and pay personal expenses related to horse ownership and racing, construction, boats, limousines, chartered aircraft and other luxuries.

According to the SEC complaint, the defendants refused to provide Commission staff with client files, account statements, general ledgers and other documents that are statutorily required to be maintained and produced by registered investment advisers.

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Reference Info:Pleadings | Federal, 3rd Circuit, Pennsylvania | United States


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Doug Cornelius | Attorney Advertising

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