NASHVILLE, Tenn. (AP) - A Tennessee man who ran a Ponzi scheme disguised as a holistic wellness business was sentenced to eight years in prison on Friday.
Howard L. Young falsely claimed to have a grant from Vanderbilt University to study cancer patients and other patients with chronic medical conditions, according to a news release from the U.S. attorney's office in Nashville. Young also claimed he he had cured himself of cancer using naturopathic methods. He required patients to pay $10,000 to participate in his nonexistent study but told them they would get their money back at the end of the year.
He duped over 80 patients, financial institutions and investors out of nearly $700,000, according to prosecutors.
The 75-year-old was charged in October 2020 with bank fraud, wire fraud, and aggravated identity theft. He pleaded guilty in December. In addition to prison, Young was ordered to pay $693,128.66 in restitution.