Curtis Lynn DeYoung, Mail Fraud, Utah 2015

Related Federal Cases

Curtis Lynn DeYoung, Mail Fraud, Utah 2023 · Utah
Curtis Lynn DeYoung, Obstruction of Justice, Utah 2022 · Utah
Jeffrey Charles Zander, Mail and Wire Fraud and Money Laundering, Utah 2012 · Hawaii
Kevin Scott Horton, Mail Fraud, Utah 2000 · Illinois
Patrick Merrill Brody, Wire Fraud and Money Laundering, Utah 2012 · Florida

Table of Contents

Utah Man Accused of Mail Fraud, Obstruction of Justice

SALT LAKE CITY, Utah – Curtis Lynn DeYoung, the 60-year-old former president and CEO of American Pensions Services (APS), has been charged with mail fraud, obstruction of justice, and false declaration before a court of the United States.

The superseding indictment, returned by a federal grand jury on March 18, 2015, alleges DeYoung misappropriated more than $24 million from the accounts of over 5,000 customers without their knowledge or consent.

The indictment, which includes the original 15 counts of mail fraud, also alleges DeYoung concealed approximately $50,000 worth of personal valuables, including precious gems, minted coins, gold and silver coins, and jewelry, in a suspended ceiling at a West Jordan business. DeYoung allegedly obstructed justice by concealing, moving, and hiding the valuables in violation of a April 2014 court order freezing all of his assets.

DeYoung made a false material declaration before a Court of the United States, concealing the valuables from the court during a discussion of assets owned by him, his spouse, or any other members of his household. He also made a false statement while testifying under oath, concealing the valuables from his statement of financial condition.

According to the indictment, DeYoung devised a scheme to defraud and obtain money from APS customers through the use of false and fraudulent representations, promises, and omission of material facts. He allegedly misappropriated the funds of more than 5,000 APS customers held in two of the three APS bank accounts known as the ‘Master Trust’ accounts.

The indictment alleges DeYoung used the misappropriated funds to make personal high-risk, unsecured investments. He misappropriated the money without notifying APS customers, knowing that the money did not belong to him and that he was using it for purposes not authorized by APS customers.

DeYoung’s scheme, which began in 1998 and continued until April 2014, also involved making false accounting entries in APS records and mailing false APS account statements to customers that contained inflated cash balances.

The indictment includes a notice of intent to seek forfeiture of a sum of money equal to the value of the misappropriated funds. The case is currently ongoing.