Tennessee man charged with Ponzi scheme in cancer study
NASHVILLE, Tenn. (AP) — Federal authorities say a Tennessee man is charged with running a Ponzi scheme in which he claimed he had cured himself of cancer through naturopathic methods and was conducting a study of other patients.
U.S. Attorney Don Cochran’s office says 75-year-old Howard L. Young was charged Friday in a criminal Information of bank fraud; wire fraud; and aggravated identity theft.
Prosecutors say Young founded the holistic wellness business Integrative Medical Services and duped dozens of patients, financial institutions and investors out of nearly $670,000.
Prosecutors say he claimed Vanderbilt University awarded his study a $2 million grant, when in fact the school had not.