Candwich Man Sued by SEC
"Investors" seem to be getting burned more and more often nowadays. This time, silly people invested in a company whose owner instead used their funds to buy stuff and make silly investments such as "canned sandwiches." That's funny.
NEW YORK (Reuters) – The Securities and Exchange Commission has sued a Utah man for fraudulently misusing $139 million of investor funds on such things as a film about the Cub Scouts' Pinewood Derby car race and development of a "sandwich in a can."
According to a lawsuit filed Thursday in federal court in Salt Lake City, Travis Wright misappropriated all but $6 million of the $145 million he raised from about 175 investors between 2001 and 2009 by selling notes issued by his Waterford Loan Fund LLC.
The SEC said the 47-year-old Draper resident represented to investors that their money would be used for loans secured by commercial real estate.