Feds to sell seized property in Pa. fraud case
MOUNT DESERT, Maine - The federal government is selling a Maine house and three boats that used to belong to a man charged with defrauding investors in a Kennett Square company of $23 million.
MOUNT DESERT, Maine - The federal government is selling a Maine house and three boats that used to belong to a man charged with defrauding investors in a Kennett Square company of $23 million.
In a civil complaint, the Securities and Exchange Commission claims 38-year-old Donald Anthony Walker Young of Georgia misused money from investors in Chester County-based Acorn Capital Management.
The Bangor Daily News says the SEC claims Young allegedly spent some of his investors' money on a lavish lifestyle, including the 3,100-square-foot house on Mount Desert Island and three boats, including an International One sailing sloop called Sagara.
The house and the boats were frozen by the federal court when the SEC filed its complaint against Young in April.