SEC v. American Pension Services, Inc., and Curtis L. DeYoung, 2:14cv00309 (D. Utah, April 2014)
On April 24, 2014, the SEC filed a civil injunctive action against American Pension Services, Inc. ("APS"), and its president Curtis L. DeYoung. The SEC alleged that from at least 2005 DeYoung engaged in a scheme pursuant to which he solicited investors to open self-directed Individual Retirement Accounts ("IRA") with APS and then used those investor funds to benefit himself and his friends. The SEC also alleged that once customers transfer their retirement assets to APS, DeYoung misappropriated customer assets, particularly cash, for his own purposes. The SEC's complaint may be found here: http://www.apsreceiver.com/images/Complaint_against_APS.pdf
On April 24, 2014, the Court appointed Diane Thompson of Ballard Spahr, LLP to serve as the Receiver for APS.
The SEC's litigation release [LR-22982] may be found here:
Persons to Contact:
Receiver: Diane Thompson of Ballard Spahr, LLP, 424-204-4334. SEC Staff: Daniel J. Wadley, 801-524-3422
Additional information may be found here: http://www.apsreceiver.com/