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NASHVILLE (AP) — A Tennessee man was charged with running a Ponzi scheme in which he claimed he was conducting a study after curing himself of cancer through naturopathic methods, federal authorities said.
According to U.S. Attorney Don Cochran’s office, 75-year-old Howard L. Young of Nashville was charged in a criminal information Friday with bank fraud, wire fraud and aggravated identity theft.
Prosecutors say Young founded Integrative Medical Services and duped patients, financial institutions and investors out of nearly $670,000 for a study he falsely claimed Vanderbilt University had awarded a $2 million grant.
Young promised participants nutritional supplements, blood testing, nutrition and exercise coaching, gym memberships, massages and acupuncture, Cochran’s office said.
Young required $10,000 or credit sign-ups from patients, promising he would refund the money and pay the debts, prosecutors said.
If convicted, Young faces up to 30 years in prison and a $1 million fine. Young’s attorney didn’t immediately respond to a message seeking comment.