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Church Returns $150K From Man Convicted In Retirement Scheme

Tithing envelope

The Mormon church will return $150,000 in donations from a Utah man serving a 10-year prison sentence for stealing $24 million from retirement accounts investors set up with his company.

Curtis DeYoung and his wife had paid about $240,000 in tithing to The Church of Jesus Christ of Latter-day Saints. The Securities and Exchange Commission sued the couple and American Pension Services, the company they owned, in order to recover money for victims. DeYoung's wife was not charged in the criminal case.

The church had said a court-appointed receiver working to recover money would need to show that each transfer of funds from American Pension Services to the DeYoungs was fraudulent.

In late May, the church agreed to settle the matter by returning $150,000.

Faithful Mormons give 10 percent of their income as a tithe to the church.