SEC Sues Utah Man Over Alleged $139M Investor Scam

Law360, New York (July 2, 2010, 1:57 PM EDT) -- The U.S. Securities and Exchange Commission has sued a Utah hedge fund manager who allegedly amassed $145 million in investors' money and spent most of it on himself or on dubious ventures like a canned-sandwich company and a film about Boy Scouts.

Draper, Utah-resident Travis L. Wright had promised about 175 investors that he would put their cash toward “hard money” secured real estate loans, but only about $6 million went toward such investments, the SEC said in a complaint filed Thursday.

The SEC's suit accuses...
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