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Tenth Circuit Affirms Claims Bar Order in $24 Million Case
On March 9, 2017, a three-judge panel of the U.S. Court of Appeals for the Tenth Circuit affirmed U.S. District Judge Robert Shelby's approval of a settlement that barred several IRA account owners from filing individual claims against the custodian bank. The case revolved around the fallout from a $24 million IRA fund embezzlement scheme by a former American Pension Services (APS) executive.
Beginning in 1992, APS, a third-party administrator of IRAs, employed First Utah Bank to act as custodian for roughly 5,500 IRAs. APS comingled all 5,500 of the account owners' funds into a single master account maintained by First Utah. In September 2016, former APS CEO Curtis DeYoung pled guilty to misappropriating $24 million from the master account.
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