Do not invest with this guy
Do not invest with this guy
Flickr user: numb3r

Phraudsters Phrom Philly Phrolic in Phlorida

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.

In related news, this blog has launched an investigation of New Times clubs editor and Philadelphia native Brett Gillin.


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