You don't have to be a government to cheat people

A Green Energy Ponzi scheme was run from 2005 through 2009 and netted the scammers $54 Million. They were just sentenced today.

From Fox News:

Trio charged with running $54M green-energy Ponzi scheme
Three people were charged Thursday with running a $54 million Ponzi scheme built on promises of a green energy technology that would turn trash into fuel and "carbon-negative" housing developments, neither of which were ever developed, federal prosecutors said.

Troy Wragg, 34, of Georgia, Amanda Knorr, 32, of Pennsylvania, and Wayde McKelvy, 52, of Colorado, 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 said the trio 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.

The scam allegedly ran from 2005 until 2009, even after the Securities and Exchange Commission filed a civil suit against Wragg and Knorr's Mantria Corp. They were ordered in 2012 to pay $37 million each.

And it gets better:

Before the Ponzi scheme was shut down, the company was honored by former President Bill Clinton's Clinton Global Initiative for its effort to "help mitigate global warning" through developing the biochar technology that it said would sequester carbon dioxide and reduce emissions in developing countries. Wragg appeared on stage with Clinton to receive the honor in September 2009.

They were selling the sizzle and not the steak. People wanted to believe and didn't take the couple hours needed to make a few telephone calls.

There is quite the exhaustive timeline at this Weebly (a free web hosting entity) website: Mantria Ponzi Scheme

October 2022

Sun Mon Tue Wed Thu Fri Sat
            1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31          

Environment and Climate
AccuWeather
Cliff Mass Weather Blog
Climate Depot
Ice Age Now
ICECAP
Jennifer Marohasy
Solar Cycle 24
Space Weather
Watts Up With That?


Science and Medicine
Junk Science
Life in the Fast Lane
Luboš Motl
Medgadget
Next Big Future
PhysOrg.com


Geek Stuff
Ars Technica
Boing Boing
Don Lancaster's Guru's Lair
Evil Mad Scientist Laboratories
FAIL Blog
Hack a Day
Kevin Kelly - Cool Tools
Neatorama
Slashdot: News for nerds
The Register
The Daily WTF


Comics
Achewood
The Argyle Sweater
Chip Bok
Broadside Cartoons
Day by Day
Dilbert
Medium Large
Michael Ramirez
Prickly City
Tundra
User Friendly
Vexarr
What The Duck
Wondermark
xkcd


NO WAI! WTF?¿?¿
Awkward Family Photos
Cake Wrecks
Not Always Right
Sober in a Nightclub
You Drive What?


Business and Economics
The Austrian Economists
Carpe Diem
Coyote Blog


Photography and Art
Digital Photography Review
DIYPhotography
James Gurney
Joe McNally's Blog
PetaPixel
photo.net
Shorpy
Strobist
The Online Photographer


Blogrolling
A Western Heart
AMCGLTD.COM
American Digest
The AnarchAngel
Anti-Idiotarian Rottweiler
Babalu Blog
Belmont Club
Bayou Renaissance Man
Classical Values
Cobb
Cold Fury
David Limbaugh
Defense Technology
Doug Ross @ Journal
Grouchy Old Cripple
Instapundit
iowahawk
Irons in the Fire
James Lileks
Lowering the Bar
Maggie's Farm
Marginal Revolution
Michael J. Totten
Mostly Cajun
Neanderpundit
neo-neocon
Power Line
ProfessorBainbridge.com
Questions and Observations
Rachel Lucas
Roger L. Simon
Samizdata.net
Sense of Events
Sound Politics
The Strata-Sphere
The Smallest Minority
The Volokh Conspiracy
Tim Blair
Velociworld
Weasel Zippers
WILLisms.com
Wizbang


Gone but not Forgotten...
A Coyote at the Dog Show
Bad Eagle
Steven DenBeste
democrats give conservatives indigestion
Allah
BigPictureSmallOffice
Cox and Forkum
The Diplomad
Priorities & Frivolities
Gut Rumbles
Mean Mr. Mustard 2.0
MegaPundit
Masamune
Neptunus Lex
Other Side of Kim
Publicola
Ramblings' Journal
Sgt. Stryker
shining full plate and a good broadsword
A Physicist's Perspective
The Daily Demarche
Wayne's Online Newsletter

About this Entry

This page contains a single entry by DaveH published on September 3, 2015 10:57 PM.

Truck v/s Tree was the previous entry in this blog.

In only 24 hours - thesis, antithesis, synthesis is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Monthly Archives

Pages

OpenID accepted here Learn more about OpenID
Powered by Movable Type 5.2.9