Man Indicted in Ponzi Scheme



MOUNT DESERT — A former Mount Desert summer resident faces criminal charges for allegedly bilking $28 million from investors during a 10-year Ponzi scheme.

Donald Anthony Walker “Tony” Young, 39, of Coatesville, Penn., is charged by the federal government with one count each of mail fraud and money laundering in connection with the alleged scam. Mr. Young was indicted before a grand jury in the district court of the Eastern District of Pennsylvania on April 1.

Mr. Young owned, until this year, a summer home on Tennis Club Road in Northeast Harbor. The property, appraised by the town at $729,000, was ordered by a judge to be sold in December 2009.

Mr. Young’s alleged wrongdoings were first reported in the Islander in April 2009, when the federal Securities and Exchange Commission filed a civil suit against him, also in the Eastern District of Pennsylvania. The suit charged Mr. Young in the Ponzi scheme, accused him of several counts of fraud; that led to the freezing of all of his assets.

According to the recent criminal indictment, Mr. Young raised $96 million between November 1999 and April 2009 through his Pennsylvania-based Acorn Capital Management investment firm. Over that time, he allegedly diverted more than $25 million for his own use, covering his tracks with falsified tax forms and account statements.

For more police & court news, pick up a copy of the Mount Desert Islander.

admin

Latest posts by admin (see all)