A man from Draper, Utah was indicted this week on 15 charges of mail fraud. Curtis L. DeYoung is charged with allegedly concealing the theft of $24 million from account holders who put retirement funds into his Riverton company, American Pension Services.

The FBI began investigated Mr. DeYoung’s company when it was sued by the Securities and Exchange Commission in April 2014. The complaint cited millions of dollars missing from APS customers who had used the company to hold their Individual Retirement Accounts and 401(k)s while they direct their own investments. This arrangement gives account holders much broader investing options for their funds than if they were held in standard accounts.

Mr. DeYoung is alleged to have used the monies for investments with friends — most of which failed — personal expenses, loans and high salaries, according to court documents.

APS' court-appointed receiver, Los Angeles Ballard Spahr partner Diane Thompson, also has sued Mr. DeYoung and his wife, saying they benefited from high salaries, funds put into retirement accounts and loans from the company even as it was insolvent.

Ms. Thompson proposes selling the APS accounts to another administrator of self-directed accounts. She estimates APS clients will ultimately lose about 6 percent of their funds.

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