Curtis Lynn DeYoung, Obstruction of Justice, Utah 2022

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Utah Ponzi Scheme Mastermind Caught Lying, Hiding Loot

A federal grand jury in Utah has returned a superseding indictment against Curtis Lynn DeYoung, the former president and CEO of American Pensions Services (APS), charging him with obstruction of justice, false declaration before a court of the United States, and making a false statement.

The indictment, returned on Wednesday, alleges that DeYoung misappropriated more than $24 million from the accounts of more than 5,000 customers without their knowledge or consent. The funds were used for personal high-risk, unsecured investments, and DeYoung concealed the fact that he had misappropriated the money by making false accounting entries and mailing false account statements to customers.

DeYoung, 60, of Draper, Utah, is also accused of hiding $50,000 worth of personal valuables, including precious gems, minted coins, gold and silver coins, and jewelry, in an area above a suspended ceiling at a West Jordan business. The valuables were found in violation of a court order freezing all of his assets.

The indictment alleges that DeYoung made a false material declaration before a Court of the United States, concealing the $50,000 in personal valuables from the court during a discussion of assets owned by him, his spouse, or any other members of his household. He is also accused of making a false statement while testifying under oath.

APS was a Utah corporation formed in 1983, and DeYoung devised a scheme to defraud and obtain money from APS customers through the use of false and fraudulent representations, promises, and omissions of material facts. The indictment alleges that DeYoung used the misappropriated funds to make personal investments and concealed the fact that he had misappropriated the money by making false accounting entries and mailing false account statements to customers.

The superseding indictment includes the original 15 counts of mail fraud and adds three new counts of obstruction of justice, false declaration before a court of the United States, and making a false statement. The indictment also includes a notice of intent to seek forfeiture of a sum of money equal to the value of the misappropriated funds.

Curtis DeYoung is a mastermind of a Ponzi scheme that has left thousands of victims in its wake. The indictment reveals a shocking level of deceit and corruption at the highest levels of the company. DeYoung’s actions have caused significant harm to innocent people, and he will be held accountable for his crimes.