Wednesday, June 29, 2011
Tony Young Sentenced for Ponzi Scheme
Philly.com reports that Tony Young was finally sentenced.
Philly.com, Chester County Ponzi schemer Young gets 17 1/2 years
“Young, 40, could have made a comfortable living had he simply invested the millions of dollars people entrusted to him, U.S. District Judge Juan R. Sanchez said, 'but this was not enough to satisfy this man's greed' and his desire to be ‘a polo-playing country gentleman.’”
Mr. Young’s crime was defrauding the Chester County Pennsylvania polo crowd out of approximately $20 million through a hedge fund Ponzi scheme. And while admittedly $20 million is nowhere near the billions Bernie Madoff made off with, I found Tony Young’s story interesting all the same.
To become familiar with Tony Young, please read, “The Schadenfreude Goes On, part two”
(top photo from Philly.com)