Acorn Capital Head Indicted Over Ponzi Scheme

Law360, New York (April 1, 2010, 5:50 PM EDT) -- Donald Anthony Walker Young, president of Pennsylvania-based investment firm Acorn Capital Management LLC, has been hit with a criminal indictment for allegedly running a $25 million Ponzi scheme.

The indictment charges Young with one count of mail fraud and one count of money laundering, U.S. Attorney Michael L. Levy announced Thursday. The charges carry a maximum sentence of 30 years in prison, five years of supervised release and a $500,000 fine. The government is also seeking restitution of about $27 million.

Young solicited about $95 million...
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