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Candwich fraud
July 11, 2010, 12:55 pm
Filed under: Uncategorized

THEEPOCHTIMES: Candwich financier Travis L. Wright has had a complaint filed against him by the Securities and Exchange Commission in Utah. He is accused of fraud.

(The candwich comes in three flavors: BBQ Chicken, and peanut butter and jam Strawberry and Grape)

Wright, from Utah, raised 145 million dollars from 175 investors, allegedly promising them to invest the money in commercial real estate. Instead, says the complaint filed on July 1st, he used the funds primarily for loans unrelated to real estate. Only six million dollars, a small portion of the funds raised, was actually invested in real estate.

With the money he received, Wright made a loan to the Candwich Corporation. The Candwich, a sandwich in a can, is a product that can be sold like beverages in a vending machine. It currently comes in three flavors: chicken, and peanut butter and grape, and strawberry jelly.

In addition, Wright also made investments in numerous odd products such as rose petals with greetings printed on them, as well as provided unsecured loans to his family and friends, the complaint continues.

The Waterford Loan Fund and the Waterford Funding, both controlled by Wright, have declared bankruptcy. The investors had convinced Wright to “transfer to them all the assets of the Fund and Waterford Funding, as well as most of his personal assets” according to the complaint.

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