Prosecutors have charged three people with running a $54 million Ponzi scheme they say was built on promises of a green energy technology that would turn trash into fuel that they never developed.
Federal prosecutors in Philadelphia unsealed an indictment Thursday against 34-year-old Troy Wragg, formerly of Philadelphia, 32-year-old Amanda Knorr, of Pennsylvania, and 52-year-old Wayde McKelvy, of Colorado. They were charged with wire and securities fraud and conspiracy.
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It wasn't immediately clear if they had attorneys who could comment on their behalf.
Prosecutors say they lied to investors that their "biochar" technology and "carbon-negative" housing in Tennessee made millions, but they had almost no earnings and used the money to repay earlier investors and for themselves.
Wragg and Knorr were ordered to pay $37 million each after losing a Securities and Exchange Commission civil suit in 2012.