{"id":15234,"date":"2015-09-03T10:23:11","date_gmt":"2015-09-03T17:23:11","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=15234"},"modified":"2015-09-03T10:23:11","modified_gmt":"2015-09-03T17:23:11","slug":"feds-300-conned-out-of-54-million-via-speed-of-wealth-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=15234","title":{"rendered":"Feds: 300 Conned Out of $54 Million via “Speed of Wealth” Ponzi Scheme"},"content":{"rendered":"

PENNSYLVANIA<\/strong><\/p>\n

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Three people who were involved in a $54 million Ponzi Scheme that swindled more than 300 investors were named today in an indictment unsealed today, according to officials.<\/p>\n

Officials charged\u00a0Troy Wragg<\/strong>, 34, a former resident of Philadelphia, Pennsylvania; Amanda Knorr,<\/strong> 32, of Hellertown, Pennsylvania, and Wayde McKelvy<\/strong>, 52, of Colorado with conspiracy to commit wire fraud, conspiracy to commit securities fraud, securities fraud and seven counts of wire fraud, announced U.S. Attorney Zane David Memeger of \u00a0Pennsylvania.<\/p>\n

As the founders of the Mantria Corporation<\/strong>, Wragg and Knorr allegedly promised investors huge returns for investments in supposedly profitable business ventures in real estate and \u201cgreen energy.\u201d<\/p>\n

According to the indictment, Mantria was a Ponzi scheme in which new investor money was used to pay \u201cearnings\u201d to prior investors since the businesses actually generated meager revenues and no profits.<\/p>\n

To induce investors to invest funds, it is alleged that Wragg and Knorr repeatedly made false representations and material omissions about the economic state of their businesses.<\/p>\n

\u201cThe scheme alleged in this indictment offered investors the best of both worlds \u2013 investing in sustainable and clean energy products while also making a profit,\u201d said U.S. Attorney \u00a0David Memeger<\/strong>.\u00a0 \u201cUnfortunately for the investors, it was all a hoax and they lost precious savings.\u00a0 These defendants preyed on the emotions of their victims and sold them a scam.\u00a0 This office will continue to make every effort to deter criminals from engaging in these incredibly damaging financial crimes.\u201d<\/p>\n

Here are the allegations according to the indictment:<\/strong><\/p>\n