Man admits to $54 million green-energy Ponzi scheme

2017-03-03 08:02
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Philadelphia - A Georgia man has admitted he ran a $54 million Ponzi scheme built on false promises of green energy technology and real estate.

Troy Wragg pleaded guilty in federal court in Philadelphia on Thursday to conspiracy and securities fraud.

Wragg's college girlfriend, Amanda Knorr, pleaded guilty last year. A 54-year-old securities salesman from Colorado goes on trial in September.

Assistant US Attorney Robert Livermore wrote in court filings that Wragg's Mantria Corporation didn't set out to defraud investors, but began lying after the Pennsylvania-based company began having financial problems.

Prosecutors say the trio lied to investors, saying their "biochar" technology and "carbon-negative" housing in Tennessee made millions of dollars, but they had almost no earnings, and the three used the money to repay earlier investors and kept some for themselves.

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