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Business owner Curtis L. DeYoung has agreed to settle federal accusations that he misappropriated $24 million from customers of his company, which administers self-directed retirement accounts.

DeYoung, 57, of Riverton, agreed to be liable for the repayment of $19.89 million plus $3.5 million in interest as part of settlements reached with the Securities and Exchange Commission. The SEC sued after investigating DeYoung and his American Pension Services company of Sandy.

But the prospects for repayment of much of the missing funds look dim.

The court-appointed receiver, Los Angeles attorney Diane Thompson, said the sale of the assets from DeYoung and his wife Michelle would contribute little. Thompson is seeking the return of $3.1 million in salaries and retirement funds from the DeYoungs but it's unclear how much might be recovered.

And DeYoung is subject to a criminal probe that could result in charges and prison time.

DeYoung's attorney, Paul Moxley, said in court that DeYoung wanted a settlement with the SEC below $20 million because an amount above that could affect the length of any prison sentence. Court documents also say Thompson has turned over information to the FBI.

Moxley on Friday declined to comment on the proposed settlements. He had unsuccessfully argued that a receiver should not have been appointed in the case because DeYoung's actions did not involve violations of federal securities laws that are enforced by the SEC.

The settlements still need the approval of a majority of Security and Exchange commissioners in Washington, D.C., and U.S. District Judge Robert Shelby, who is presiding over the case.

DeYoung and American Pension Services were sued by the SEC in April 2014 after an investigation showed millions of dollars were missing from clients. Customers used accounts held by the company to invest in various ways, beyond the options offered by traditional IRA service providers such as banks and brokerages.

Without clients' permission, DeYoung used funds for loans or investments that resulted in losses, the SEC alleges. He covered those losses with a bookkeeping entry and false account statements until the agency sued, court documents say.

DeYoung continued to recruit new investors in order to have the funds to keep the otherwise insolvent enterprise operating — much like a Ponzi scheme, according to an SEC attorney.

In an "offer of settlement," DeYoung admitted he made "investment decisions without first obtaining the customer's written permission" and then prepared false statements that did not reflect the missing funds.

DeYoung doesn't admit or deny the allegations, but he also agrees not to publicly deny them, according to the SEC's offer and a proposed settlement of the lawsuit.

With the proposals in hand, Moxley and the SEC are battling over whether to withdraw "findings of fact" that Shelby entered in the case in approving a preliminary injunction.

The judge found that the facts "establish that DeYoung was engaged in a scheme to defraud."

Michelle DeYoung, who is not named as a defendant in the SEC lawsuit, has filed for divorce and is seeking to intervene in the SEC lawsuit to protect her share of the couple's assets.