American Pension Services Inc. (APS) and its founder, Curtis L. DeYoung, are facing fraud charges from the Securities and Exchange Commission (SEC) for allegedly investing client funds in questionable high-risk business ventures. APS's clients are said to have lost $22 million. On April 24, 2014, US District Court Judge Robert Shelby froze both APS and DeYoung's assets and placed APS under receivership. The allegations stemmed from 2005 when DeYoung supposedly advised clients to put their money into self-directed individual retirement accounts. DeYoung maintained complete control over their money and provided clients with inaccurate statements regarding the activity in their accounts. According to an Investment News report, "Savers allegedly were told there was $45.9 million in the master trust accounts at the end of 2012, when the balance was really $23.8 million, reflecting a shortage of $22 million."
If you have had any dealings with Curtis DeYoung or American Pension Services Inc. or believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.
To read more, please visit: http://www.investmentnews.com/article/20140430/FREE/140439988#