Federal authorities have seized control of a $350 million Riverton (Utah)-based pension fund while they try to track down a missing $22 million, according to a recent lawsuit. The SEC alleges financial wrongdoing on the part of American Pension Services (APS) and owner Curtis L. DeYoung, claiming they misappropriated funds, made unauthorized investments, inflated asset values, and forged customer letters.

Ballard Spahr employee benefits partner Diane A. Thompson is the receiver appointed by the court to take over APS. Ms. Thompson informed customers via email that their accounts had been temporarily frozen, stating, "Our intent at this time is to safely secure all assets and accounts. We will make an effort to lift this restriction as soon as possible under the circumstances."

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