The Securities and Exchange Commission filed civil fraud charges against Tony Young, a Pennsylvania investment adviser and polo player, for stealing about $20 million from investors, a person familiar with the matter said.
A federal judge granted a temporary restraining order and asset freeze against the investment fund late Friday, when agents from the Federal Bureau of Investigation also executed search warrants. No criminal charges against Mr. Young have been filed.
The SEC alleges that since 2006, Mr. Young stole about $13 million from investors to fund an extravagant lifestyle that included the purchase of a home in Florida, a boat, several cars and horses for his polo hobby. Then his fraud turned into a Ponzi scheme; the SEC alleges Mr. Young used money coming in from new investors to pay other investors who sought to withdraw funds, this person said.
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