Another day, another Philadelphia man accused of committing fraud and enjoying his allegedly ill-gotten gains in sunny South Florida. Tony Young, a financial adviser in suburban Chester County, is accused of bilking investors out of $23 million, a portion of which he's alleged to have used to buy this $2.3 million home in Palm Beach, as well as an Ocean Boulevard condo on the island's south side.
The Securities and Exchange Commission filing describes that retro-fashionable con: a Ponzi scheme in which Young allegedly paid old investors with the money from new ones.
Another notorious Philadelphian, former State Sen. Vincent Fumo, was recently convicted of committing at least $4 million in fraud, the better to enjoy his own palatial estate in Fort Lauderdale.
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In related news, this blog has launched an investigation of New Times clubs editor and Philadelphia native Brett Gillin.