Troy Wragg is shown on stage with President Bill Clinton in this photo from a video captured online by PatrickPretty.com
Hall of Famer Elway also involved
Even Hall of Fame quarterback John Elway got involved in the alleged Ponzi Scheme. The former Bronco spoke at investment seminars in Colorado for Speed of Wealth, the company that brought investors into the alleged scam. Elway's agent told the Denver Post that he has "no ongoing relationship" with the companies.
For somewhere between $50,000 and $100,000, John Elway will speak at an event — apparently any event.
The Hall of Fame quarterback spoke at investment "seminars" in Colorado for Mantria and its alleged Ponzi partner Speed of Wealth, as recently as Sept. 26, his agent said in a published report.
Agent Jeff Sperbeck told the Denver Post that Elway "is aware of the SEC investigation. ... We have no ongoing relationship" with the companies."
According to a sales representative at athletepromotions.com, booking Elway costs at least $50,000 and go up depending on what the event it. He prefers question-and-answer forums to "standing on a stage," the rep said.
MONTGOMERY COUNTY. Just two months ago, Temple grad Troy Wragg was on stage with former President Bill Clinton, receiving congratulations from Clinton's foundation for the fight to "mitigate global warming."
So much has changed in a short time for Wragg, 28, whose company, Mantria, has been shut down by the SEC for an alleged $30 million Ponzi scheme.
The merits being honored by the Clinton Global Initiative have also been called into question by the SEC, which claims that Mantria's "biochar" plant in rural Tennessee is not going as green as Clinton's group thought it did. In an interview yesterday, however, Wragg claimed that his company has produced 30 tons so far of biochar at a Tennesse facility. The SEC said in its filing that it's produced none after claiming to produce 25 tons per day.
Wragg and COO Amanda Knorr "went through our normal due-diligence process and we found nothing of concern," Clinton spokesman Matt McKenna said. "We were surprised and disappointed to learn that their work may in fact be fraudulent."
The foundation joins a list of some 300 investors the SEC alleges were duped by Wragg, his chief operating officer Amanda Knorr and two "wealth consultants" over the last couple years by claims that Mantria was developing green technology and "carbon negative" residential communities in the middle of Tennessee — about 100 miles southeast of Nashville.
An initial hearing on the alleged Ponzi scheme is scheduled in federal civil court tomorrow, according to court documents. Wragg said the allegations of a Ponzi scheme are untrue and Mantria is a legitimate development company.
Wragg on the $30M allegation
Wragg, alleged Ponzi scam artist and CEO of Bala Cynwyd-based Mantria
What do you say to the allegations that you're behind a $30 million Ponzi scheme?
We ran and operated a legitimate business. We spent over $10 million in construction alone and we’re sending them the documents that show it. I live in a 1,200-square-foot home in Manayunk. I don’t drive a Lamborghini. I’m a simple person who lives by simple means. The whole world is passing out this idea of a Ponzi scheme because of [Bernie] Madoff. But that's not the case.
How did you meet the McKelvy's [who also allegedly ran the Ponzi scheme] from Colorado?
We met the McKelvys about two years ago. They have a wealth education company with students and these were people who were interested in doing a number of different things. They introduced these investors to us and we moved forward. [Those] investors are the most loyal in the world.
In talking with people in Tennessee where you were doing most of your real estate and clean energy investing, like the Van Buren County executive, they said you were misleading in the progress you've made.
Last year we sold very close to 100 lots residential. They haven’t liked us because we’ve been carpet baggers from the very beginning, speaking honestly. ... We have roads that have been paved, chipped and tarred. They’re drivable. We had several buyers who were planning on moving there. For someone to say there hasn’t been a lot of progress, I suggest you go out and look there.
