The Securities and Exchange Commission charged a Utah-based retirement plan administrator Wednesday with fraud, alleging that it caused investors in self-directed IRAs to lose tens of millions of dollars by diverting their funds to worthless investment vehicles.
The SEC alleged that American Pension Services and its founder Curtis DeYoung diverted more than $22 million of clients’ money to high-risk investments, many of which were in fact bankrupt entities, including businesses owned by a friend of DeYoung’s. The scheme, the SEC alleged, dates back to at least 2005.
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