Apr.03, 2010, Source: DOW JONES NEWSWIRES

An investment adviser in suburban Philadelphia is facing charges he bilked clients out of more than $25 million in a Ponzi scheme and used their money to buy luxury homes and fund a lavish lifestyle, the Philadelphia Inquirer reports Friday.

Anthony Young, 38, was charged Thursday by the U.S. Attorney's Office in Philadelphia with one count each of mail fraud and money laundering. The charges were based on a grand jury indictment. If convicted, Young faces up to 30 years in prison.

Prosecutors said Young also generated false financial statements for clients of his firm, Acorn Capital Management LLC, and paid out bogus earnings using money coming in from new customers. Young also is accused of obstructing an investigation by the Securities and Exchange Commission by providing false and misleading information and refusing to provide documents.

Young's attorney didn't return a call seeking comment.