The U.S. Securities and Exchange Commission has seized control of American Pension Services, a Riverton, Utah-based third-party administrator of retirement plans that oversees $300 million in assets.
The SEC is trying to track down $22 million that can't be accounted for. According to a press release issued by the SEC today, American Pension Services allegedly defrauded investors of millions in savings by misappropriating funds in high-risk and unauthorized investments, and then misled investors by inflating asset values.
Curtis DeYoung, CEO and president of APS, hid losses to clients, according to the SEC's investigation. DeYoung founded APS in 1982. APS oversees self-directed IRAs, Roth IRAs and 401(k) plans.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
