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.

Documents

Related

Sections

Case Information

Case Title

SECURITIES AND EXCHANGE COMMISSION v. WALKER YOUNG et al


Case Number

2:09-cv-01634

Court

Pennsylvania Eastern

Nature of Suit

Other Statutes: Securities/Commodities

Judge

JOHN R. PADOVA

Date Filed

April 17, 2009

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.