{"id":1440,"date":"2014-04-30T18:10:55","date_gmt":"2014-04-30T18:10:55","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/04\/sec_files_fraud_charges_agains"},"modified":"2022-03-11T10:18:20","modified_gmt":"2022-03-11T16:18:20","slug":"sec-files-fraud-charges-agains","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-files-fraud-charges-agains\/","title":{"rendered":"SEC Files Fraud Charges Against American Pension Services and Its Founder Over $22M Investor Losses"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission has filed charges against American Pension Services Inc., a third-party administrator of retirement plans based in Utah and its founder Curtis L. DeYoung. The regulator says that they caused clients to lose about $22 million in risky investments involving certain business ventures. American Pension Services is now under receivership. <\/p>\n

The securities scam<\/a> allegedly goes back at least to 2005. Customers with retirement accounts containing non-traditional assets usually not found via IRA custodians, such as traditional (401)K retirement plans, were targeted. The Commission says that APS and DeYoung solicited customers to set up self-directed IRA accounts with third party administrator. DeYoung purportedly said this was “genuine self-direction” for investors seeking other options besides stocks, mutual funds, and bonds. <\/p>\n

These clients had to fill out IRS Form 5305-A, which say that a third-party administrator doesn’t have discretionary authority over assets and it is up to the depositor to direct the assets’ investments. Although clients’ funds were kept at a bank in two master trust accounts, the complaint claims that APS controlled the money and mixed clients’ money together.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has filed charges against American Pension Services Inc., a third-party administrator of retirement plans based in Utah and its founder Curtis L. DeYoung. The regulator says that they caused clients to lose about $22 million in risky investments involving certain business ventures. American Pension Services is now under receivership. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3760,3741,3803],"tags":[],"class_list":["post-1440","post","type-post","status-publish","format-standard","hentry","category-sec-enforcement","category-securities-fraud","category-senior-investors"],"yoast_head":"\nSEC Files Fraud Charges Against American Pension Services and Its Founder Over $22M Investor Losses — Investor Lawyers Blog — April 30, 2014<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission has filed charges against American Pension Services Inc., a third-party administrator of retirement plans based in — April 30, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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