SEC Hits Investment Firm With $23M Fraud Suit

Law360, New York (April 20, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has accused the president of Pennsylvania investment firm Acorn Capital Management LLC of misappropriating $23 million of investors' funds to support his lavish lifestyle.

The SEC filed suit on Friday in the U.S. District Court for the Eastern District of Pennsylvania, claiming that Donald Anthony Walker Young and Acorn Management violated federal securities law and the Investment Advisors Act of 1940.

As the sole owner of Acorn Capital, which was founded in 2001, Young siphoned off $13 million from investor...
To view the full article, register now.