APS CEO DeYoung Indicted in $24M Fraud Scheme

SALT LAKE CITY – Curtis Lynn DeYoung, 58, of Draper, Utah, is facing a federal indictment on 15 counts of mail fraud, accused of systematically looting over $24 million from the retirement savings of more than 5,000 trusting Americans. The scheme, allegedly perpetrated through his company American Pensions Services (APS), spanned over a decade and left a trail of financial ruin for unsuspecting beneficiaries.

U.S. Attorney for Utah Carlie Christensen and FBI Special Agent in Charge Mary Rook announced the charges Wednesday afternoon. The indictment details how DeYoung, acting as president and Chief Executive Officer of APS – a third-party administrator for self-directed individual retirement accounts established in 1983 – abused his position of trust. While APS was only authorized to disburse funds as directed by account holders, the government alleges DeYoung treated the collective $24 million-plus as his personal piggy bank.

According to the indictment, beginning in 1998 and continuing until April 2014, DeYoung engaged in a brazen scheme to misappropriate funds held in two “Master Trust” accounts – commingled pools of customer cash. He then allegedly funneled this stolen money into high-risk, unsecured personal investments, all without the knowledge or consent of those whose futures he was jeopardizing. A particularly damning detail: around October 31, 2009, DeYoung allegedly falsified APS records, entering a fabricated accounting entry of $24,789,313.65 to cover his tracks.

The indictment paints a picture of calculated deception. DeYoung continued to solicit new customers, even as the actual cash balances in accounts dwindled due to his theft. He allegedly concealed the discrepancy, knowingly presenting inflated figures in regular account statements mailed to customers. These statements, the government claims, were relied upon by beneficiaries to assess the value of their hard-earned retirement savings. The scheme continued unabated until January 2014.

Federal prosecutors are now seeking forfeiture of the full $24,789,313.65, representing the proceeds of the alleged fraud. Each count of mail fraud carries a potential maximum penalty of 20 years in prison and a $250,000 fine. A summons will be issued for DeYoung to appear in federal court for arraignment. The FBI led the investigation, with Assistant U.S. Attorneys handling the prosecution.

It’s crucial to remember that an indictment is not a conviction. DeYoung is presumed innocent until proven guilty in a court of law. But the scale of the alleged fraud—impacting over 5,000 individuals—raises serious questions about oversight and the security of self-directed IRA accounts. Grimy Times will continue to follow this case as it unfolds.