February 16, 2015
The Securities and Exchanges Commission (SEC) alleges that Michelle and Curtis DeYoung misappropriated millions of dollars and committed various acts of securities fraud. Since 2000, Curtis allegedly wired $24 million from client accounts to ill-conceived investments or other purposes. From 2001 to 2010, Curtis’ salary inflated from $100,000 to $250,000 and Michelle’s salary inflated from $24,000 to $250,000. In total, Curtis made $1.9 million, while Michelle made $1 million.
Before the SEC lawsuit, the DeYoungs attempted to hide the fraud by transferring funds from their own retirement account into the bank accounts of a newly founded company.