August 20, 2019
The founder of Mantria Corporation, Troy Wragg, has been sentenced to 22 years in prison and ordered to pay $54 million in restitution for his role in a multi-million dollar Ponzi scheme. Together with co-defendants Wayde McKelvy and Amanda Knorr, Wragg convinced investors across the country that they stood to gain returns of 50% or higher on their investments through Mantria, even coaching investors to take out loans so they could invest more in the company. While awaiting sentencing for the Mantria fraud, Wragg committed a second fraud, causing an investor to lose her entire investment. USAO EDPA; See 2021 sentencing of McKelvy
Tagged in: Criminal Proceedings, Financial and Investment Fraud, Ponzi Schemes, Securities Fraud,