Donald Anthony Walker Young, who is known as Tony Young or Walker Young, was the owner of Acorn Investments and Acorn II L.P.. He was indicted,[1][2] pleaded guilty and was sentenced for running a $25 million Ponzi scheme.
Young was raised in Fitzgerald, Georgia. He used a fabricated life story to work his way into the Atlanta and then the Chester County, Pennsylvania, polo scene, where he met many of his victims.[3] Before being shaken and ultimately brought down by a $20 million withdrawal of funds in 2008, prior to his indictment, Young also acquired vacation homes in Northeast Harbor, Maine and Palm Beach, Florida and encountered prospective and ultimate victims in these locales as well. He pleaded guilty in July, 2010, to mail fraud and money laundering. In May, 2011, he was sentenced to 17+1⁄2 years in prison.[4]
See also
editReferences
edit- ^ Blumenthal, Jeff (2010-04-01). "Acorn Capital owner Young indicted in alleged Ponzi scheme". American City Business Journals.
- ^ "Federal Bureau of Investigation - the Philadelphia Division: Department of Justice Press Release". Archived from the original on 2010-05-28. Retrieved 2010-11-26.
- ^ "CompliancEX: A scandal rocks the polo set". Archived from the original on 2010-05-09. Retrieved 2010-07-06.
- ^ "Ponzi schemer with ties to MDI gets 17 years in prison" Archived 2011-05-09 at the Wayback Machine, Bangor [Maine] Daily News, May 05, 2011 7:32 pm. Retrieved 2011-05-05.
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