Trio charged with running $54M green-energy Ponzi scheme

[Omaha Steve]

Source: AP

PHILADELPHIA (AP) — Prosecutors have charged three people with running a $54 million Ponzi scheme they say was built on promises of a green energy technology that would turn trash into fuel that they never developed.

Federal prosecutors in Philadelphia unsealed an indictment Thursday against 34-year-old Troy Wragg, formerly of Philadelphia, 32-year-old Amanda Knorr, of Pennsylvania, and 52-year-old Wayde McKelvy, of Colorado. They were charged with wire and securities fraud and conspiracy.

It wasn't immediately clear if they had attorneys who could comment on their behalf.

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

Read more: http://bigstory.ap.org/article/27f7eb88ecef46b29bc5208f504bb38e/trio-charged-running-54m-green-energy-ponzi-scheme

[FBaggins]

1. That was mentioned here on DU a few years ago

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x204806

Here's hoping that nobody here was caught by the scheme.

[pscot]

2. I wonder how the fellow with the marvelous turkey digester

is making out.