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.

SEC sues Utah man in 'sandwich in a can' fraud – Yahoo! News

billspaced

Click Here to Leave a Comment Below
Chris Phone - December 24, 2010 Reply

Sandwich in a can sounds pretty good right now.

billspaced - December 24, 2010 Reply

I agree! 🙂

video games - November 19, 2013 Reply

Right here is the right blog for anybody who wants to
find out about this topic. You realize a whole
lot its almost tough to argue with you (not that I personally will need to…HaHa).
You certainly put a brand new spin on a subject that’s been written about for many years.
Great stuff, just great!

Leave a Comment:

*