The Mantria corporation has been known as being fraudulent for many years now. Finally, those involved have finally been indicted for their bullshit “speed wealth” program.
They promised to make their investors “stinkin’, filthy rich” with high-risk bets on real estate and green energy.Instead, federal prosecutors said, the cofounders of a company in the Philadelphia suburbs lined their pockets to the tune of $54.5 million in an elaborate Ponzi scheme.
Troy Wragg, 34, and Amanda Knorr, 32, cofounders of Bala Cynwyd-based Mantria Corp., were charged with multiple counts of conspiracy and fraud in an federal indictment unsealed Thursday.
Along with a third man, Wayde McKelvy, 52, who was also charged Thursday, prosecutors say, they encouraged investors to drain their retirement and mutual fund accounts to funnel money into empty projects with promises of yields as high as 484 percent.
The key to this hoax was use of the “Speed of Wealth clubs” by the Mantria Corp to gain investors. These advertised seminars included Celebrity NFL Hall of Famer John Elway hired to draw crowds. The Mantria projects, including the Tennessee “biochar” plant were featured. The scam targeted people close to retirement encouraging them to liquidate their funds and invest in the Mantria projects.
The environmental initiatives didn’t pan out. Including the unpatented and questionable biochar idea. So, the investors were paid via other investments. It took 6 years for these indictments to come after the SEC shut down and froze the Mantria assets.
Some skeptical sense would have gone far to help those who were swindled out of their savings. This is a good case where some Practical Skepticism would been a saving grace.