Less than a year after the Securities and ExchangeCommission seized control of $300 million in retirement assetsat American Pension Services, the firm’s owner has agreed to settleclaims that he misappropriated $24 million.
The SEC sued Curtis DeYoung, founder and CEO of the Riverton,Utah-based third-party administrator, after an investigationrevealed that $22 million in assets could not be accountedfor.
Under the terms of the settlement, DeYoung accepted liabilityfor repaying $19.8 million plus $3.5 million in interest, though itappeared unlikely the sale of his assets would yield any amountclose to that figure.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
