Sign up for 5280's weekly e-newsletters. Want the latest restaurant scoop? The latest happenings around town? Access to exclusive events and deals just for 5280 readers? Wayde and Donna McKelvys promoted a green dream—Mantria in Speed of Wealth—in seminars and webinars, urging people to invest in “carbon negative” housing developments in rural Tennessee while marketing biochar, a charcoal substitute made from organic waste. Investors were urged to cash out their stock or retirement funds, or even borrow against their homes, with the promise of returns of 17 percent or higher.
The McKelvys, whose lies included that biochar facilities were producing some 25 tons a day, then reaped a 12.5 percent commission for themselves without telling investors.
But now, the apparent $30 million Ponzi scheme is over, as the Securities Exchange Commission moved Monday to freeze assets in Colorado and Pennsylvania, accusing the McKelvys, who are the principals of Speed of Wealth LLC in Centennial, and Mantria executives Troy Wragg and Amanda Knorr in Philadelphia of using new investment cash to pay off earlier investors, reports The Denver Post.
An SEC complaint accuses each of the defendants of violating anti-fraud and other aspects of securities law, writes the Denver Business Journal, adding that the SEC seeks injunctions, disgorgement, and financial penalties.
Posted 11/17/2009 at 1:00 pm by Michael de Yoanna
Business, Crime, Panorama :: Permalink :: Comments (3)
Here in Greeley, when people ask, “What’s that Smell?”
We all say , “Its the Smell of Money..”
Apparently, the wise and compassionate honourable Judge Arguello agrees with the SEC…..
Mantria’s GREED and the smell of money was the pile of BS they were interested in……….
Manure_King
Where Manure Methane is the Wave of the Future (NO NO we dont want your money!)
ITS ALIVE!!!!!!!!!!!!
(Not to coin a popular phrase from Wierd Sience)
MANTRIA LIVES!!! ITS ALIVE!!!!!!
I agree, and Troy Wragg in a webinar, just recently said, as earlier FRIDAY December 18th, 2009 that there was a definite “Letter of Intent” from Real Valid (You can check them out BUYERS) for a $100 Million Dollars for 20 Units and they saw, and more will see, since the Plant is up and running, and you will get your checks from the new sale of these units which will put millions into your pockets….
Yeah.. Merry Christmas…thanks.. what wonderful Christmas News right before the holidaze.
Manure_King
Here in Greeley, when people ask whats that Smell, we say its the smell of money…
Manure Methane where there’s no BS but good crap for dollars and the new energy source of the future…
Manria is dead.What good is a new job oportunity if they dont pay their employees?