Founders Of Bala Cynwyd-Based Company Face Charges Of Running $54M Ponzi Scheme
By Jim Melwert
BALA CYNWYD, Pa. (CBS) - Three people are facing federal charges of running a Ponzi scheme through a Bala Cynwyd based-company, on allegations they ripped off investors to the tune of $54.5-million.
According to a ten-count federal indictment, the founders of Mantria Corporation promised investors returns of more than 400-percent, using testimonials from early investors to entice new investors.
Assistant US Attorney Robert Livermore said they would hold seminars encouraging potential investors to liquidate 401k's or other assets:
"To take out home equity loans or mortgages on their homes to withdraw as much money on their credit cards, in order to invest the maximum amount of money into the Mantria Corporation."
Philadelphia native, 34-year-old Troy Wragg, 32-year-old Amanda Knorr from Northhampton County, and 52-year-old Wayde McKelvy from Colorado are facing several charges, including conspiracy to commit wire fraud, and securities fraud.
