With all the media attention that went to Bernie Madoff’s Ponzi scheme, other smaller players haven’t received as much media attention as they might have otherwise received.
Below is a Fortune Magazine article that covers the story of Tony Young, a young man in a hurry, who successfully infiltrated the tightly-closed-off-polo-set by playing a mean game of polo, claiming a pedigree as a trust-fund heir, and an MBA from Emory University.
As he established himself in “one of the last bastions of the old-money equestrian lifestyle,” he started Acorn Capital Management (a hedge fund), and began investing the money of his newfound friends. As a young man in his thirties, he also began to live a lavish lifestyle similar to that of his clients.
Then one day, the SEC showed up and filed civil fraud charges against him. To everyone's surprise, federal regulators alleged that he was stealing the polo-set’s money in a scheme similar to that of Bernie Madoff’s. As the investigation continued, his background stories unraveled and he proved to be decidedly different than that of the manner-born-pedigree he had affected.
The Fortune story also has a hint for anyone wishing to do a fast social climb into the polo set- To learn polo quickly, buy a horse that is already trained to follow the ball. You can take it from there. (The Jaeger Lecoultre Reverso is optional.)
A Scandal Rocks the Polo Set- Fortune Magazine, November 23, 2009
“Among the swells who winter in Palm Beach, Tony Young was known as a brilliant investor from an old Southern family. Then the SEC showed up, and his façade began to crumble.”
Tony Young Pleads Guilty-Southern Chester County Weeklies, July 21, 2010
“A man once known as having a sterling reputation among the exclusive equestrian and financial community of the greater Unionville community, pleaded guilty Tuesday to single counts of mail fraud and money laundering in connection with a $35 million fraud scheme.”
Click here for “The Schadenfreude Goes On…” part one
The story of Dina Wein Reis, a middle class Jewish girl from Brooklyn who “duped” major U.S. corporations out of millions of dollars, and then used the money to move to Manhattan.
(Photo top left, Fortune Magazine; Photo bottom right, Philly.com- Tony Young leaves court after pleading guilty.)
As he established himself in “one of the last bastions of the old-money equestrian lifestyle,” he started Acorn Capital Management (a hedge fund), and began investing the money of his newfound friends. As a young man in his thirties, he also began to live a lavish lifestyle similar to that of his clients.
Then one day, the SEC showed up and filed civil fraud charges against him. To everyone's surprise, federal regulators alleged that he was stealing the polo-set’s money in a scheme similar to that of Bernie Madoff’s. As the investigation continued, his background stories unraveled and he proved to be decidedly different than that of the manner-born-pedigree he had affected.
The Fortune story also has a hint for anyone wishing to do a fast social climb into the polo set- To learn polo quickly, buy a horse that is already trained to follow the ball. You can take it from there. (The Jaeger Lecoultre Reverso is optional.)
A Scandal Rocks the Polo Set- Fortune Magazine, November 23, 2009
“Among the swells who winter in Palm Beach, Tony Young was known as a brilliant investor from an old Southern family. Then the SEC showed up, and his façade began to crumble.”
Tony Young Pleads Guilty-Southern Chester County Weeklies, July 21, 2010
“A man once known as having a sterling reputation among the exclusive equestrian and financial community of the greater Unionville community, pleaded guilty Tuesday to single counts of mail fraud and money laundering in connection with a $35 million fraud scheme.”
Click here for “The Schadenfreude Goes On…” part one
The story of Dina Wein Reis, a middle class Jewish girl from Brooklyn who “duped” major U.S. corporations out of millions of dollars, and then used the money to move to Manhattan.
(Photo top left, Fortune Magazine; Photo bottom right, Philly.com- Tony Young leaves court after pleading guilty.)
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