SEC charges Acorn Capital, principal, in Ponzi scheme

The Securities and Exchange Commission said Monday it has charged Acorn Capital Management and its principal Donald Anthony Walker Young with misappropriating more than $23 million in client assets through a Ponzi scheme.

...The SEC alleges that through a commingled brokerage account, Young and Acorn misappropriated funds from investors buying limited partnership interests in Acorn II LP, which invested in publicly traded securities. Young used investor funds to pay other investors in the nature of a Ponzi scheme, and directly stole some of the money to buy a vacation home in Palm Beach, Fla., and pay personal expenses related to horse ownership and racing, construction, boats, limousines, chartered aircraft and other luxuries, the SEC said...

Philadelphia Business Journal: SEC charges Acorn Capital, principal, in Ponzi scheme