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Donald Anthony Walker Young, who is known as Tony Young or Walker Young, was the owner of Acorn Investments and Acorn II L.P..He was indicted, [1] [2] pleaded guilty and was sentenced for running a $25 million Ponzi scheme.
Young operated the alleged Ponzi scheme through an investment partnership Acorn II L.P., which he established in 2001 to invest in publicly traded securities, authorities said. The SEC alleged in its 22-page complaint that the fraud began in mid-2005 and continued until recently.
Acorns's flat-fee structure can be highly significant for clients with small balances or who rely solely upon the firm's round-ups for investing into their accounts: [20] for example, if making one purchase on every day of a calendar year, the highest sum an account-holder theoretically could contribute (at ninety-nine cents of change on each ...
Report the scam. If you feel you’ve been taken advantage of by an investment scam, contact your local banking institution to go over how to best protect and recover your personal finance ...
Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. This way, even the smallest spending translates to money saved for the future.
All investments carry some degree of risk, but there's a distinct line between a risky investment and a downright scam. Unfortunately, scams are prevalent. According to data from the Federal Trade...
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It stated that ACORN had not been found to violate any federal regulations in the past five years. The report's other findings included that there were no instances of voter fraud by people who were allegedly registered to vote improperly by ACORN or its employees, and no instances where ACORN violated terms of federal funding in the last 5 years.