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Mantria was in fact losing a substantial amount of money on every real estate sale. Dixson and the other landowners. Second, Mantria and CDI would build a carbon diversion systems factory in Carlsbad, New Mexico to build the machines which made the biochar.
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The SEC attorney asked him to estimate his net worth. WRAGG began to imagine grand plans for this venture with several different planned communities. By receiving the deed, Mantria also assumed responsibility for paying all the real estate taxes on this land.
MCKELVY also coached his investors to withdraw the maximum amount of money from financial institutions in the form of credit card loans, home equity loans, and other types of bank loans. If Mantria had told investors the truth about the land, no one would have invested in their securities offerings.
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Most of the investor responses were similar. The bottom line is that if the victims knew the truth about Mantria, they never would have invested. WRAGG hired his aunt and his sister to do sales and marketing for this real estate venture. In fact, the Dunlap plant had not even been built.
As It Happens
Short on cash, Mantria essentially existed month to month. Despite pouring millions of investor dollars into the biochar technology, Mantria had not successfully developed anything valuable. By Novemberthe Dunlap plant had run a few test batches but was not producing a consistent and sellable product.
WRAGG also knew that he was not giving the investors a complete and accurate picture of Mantria as he omitted many material facts about Mantria. WRAGG, therefore, sold the land under contracts which allowed real estate buyers to walk away from the transaction if the land did not increase in value in order to induce investors to sign the real estate contracts.
I have got car payments. Most of the land was taken back by the original owners under the terms of the sales contracts — terms which had not been disclosed to the investors.
When Mantria was shut down by the SEC, most of the land had been taken back by its former owners and what little remained had little or no value. With the real estate market plunging, willing investors were hard to find. The victims invested in Mantria because they were led to believe by the defendants that Mantria was a successful business that generated substantial profits.
As Widener explained, making biochar is similar to making any other kind of baked product — if you have inconsistent ingredients you will end up with inconsistent results.
First, the plant was not capable of producing the quality of biochar their potential customers required. The victims were told that Mantria was a very profitable company selling real estate and biochar.
Jerry Lowe worked for the Colorado Division of Securities. Mantria obtained title to the land but did not have to pay the seller until the land was resold. Victims Of the more than victims of this fraud, the government plans to call about 10 victims to testify at trial as representatives all the victims.
Moreover, there were additional securities offerings by Mantria that apparently did not raise any money. Even some of the victims who were prepared to testify at trial two years ago have seen their health deteriorate since then, to the point that they no longer can testify. Most of the land was heavily wooded and had been used for timber harvesting and some strip mining activity.
Dixson could take the land back. There were no mechanical drawings. I have got entertainment. The land had a shortage of potable water.
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Anderson attempted to sell the land in Tennessee, however, the land turned out to be worthless. Many of the victims are no longer physically capable of testifying.
In reality, the building had not even been built. WRAGG promised investors a money-back guarantee that Mantria would buy-back their investments by December 31,if they were not fully satisfied. In imposing a civil penalty on the defendants, Judge Arguello held: Most of this land was resold to investors financed with Mantria funds through Mantria Financial with little to no money down.
High-Temp Saint augustine casino indio california manufactured and supplied CDI with many of the components for the carbon diversion system.
We have to see the company build. Initially, a small amount of the land in Tennessee was sold either to cash buyers or through mortgages offered by major U. To sell the biochar, they needed consistent and high quality results made from ron white casino regina and high quality feedstock.
Moreover, the victims will also share what they were not told about Mantria. In the first half of the presentation, MCKELVY pitched his plan for investors to withdraw money from other investments, overfund insurance policies, and then take out the maximum possible loan. The PPM estimated the return on this investment at The contamination gave the water an orange color.
WRAGG needed a master showman and marketer who could sell his ideas to the public and solve his cash flow problem.
WRAGG continued to lull old investors and seek new investors until the district court ordered Mantria into receivership on April 30, In an email dated December 28,Dr. Mantria obtained this land on a seller financing agreement from the McClelland Foundation.
Investors were told that if Mantria went bankrupt, they would not lose any money because they would get the real estate in Tennessee. The PPM estimated profits at According to the PPM submitted to investors dated March 15,the investment was to be used exclusively to build the Carlsbad plant.
Lurvey claimed that he had a license from the University of Hawaii to use and develop their carbon diversion systems. While the government does not intend to call Gottschall as an expert witness pursuant to Rule of the Federal Rules of Evidence, he will testify about the facts of this case. Green Energy Knowing that the two-year real estate contracts were ticking time bombs which would destroy Mantria, WRAGG needed a new scheme to generate investor interest and enthusiasm in Mantria and keep the cash flowing into the Ponzi scheme before it crashed.
KNORR graduated from Temple in with a degree in biological anthropology and later began to work full time at Mantria. Only when Mantria went bankrupt did the victims realize that the land in Tennessee was essentially worthless.
In reality, Mantria had no profits and very little revenue. They were not told about the contingencies in the land. There were no building drawings. Substantive Counts The indictment charges seven substantive counts of wire fraud. Dixson any money up front.