Accused $54M Ponzi Schemer Duped Retirees, Pa. Jury Told

Law360 (September 25, 2018, 7:09 PM EDT) -- The man known as the deal-closer in a $54 million Ponzi scheme rooted in bogus investments involving land and green energy preyed upon unsophisticated investors, such as widows and retirees, and squandered their money on a lavish lifestyle, a federal prosecutor told a Pennsylvania federal jury on Tuesday.

During opening arguments in the government’s case against Wayde McKelvy, Assistant U.S. Attorney Robert J. Livermore said evidence would show that the former Mantria Corp. co-owner conspired with two others, who have both pled guilty, to promise investors returns of up to 50 percent on Tennessee real estate and a revolutionary new charcoal...

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