‘Sandwich in a Can’ Fraudster Sued by SEC
July 8, 2010
(ChattahBox)—Travis L. Wright, a Utah businessman apparently bored with the commercial real estate racket, decided instead to use $139 million of investor funds to make his dreams come true. What were those dreams? A new product called the “candwich” or a “sandwich in a can.” And a lavish lifestyle that included a monthly stipend of $20,000 of “discretionary spending money” for his wife. The SEC doesn’t take kindly to the misappropriation of investor funds and sued Travis Wright for fraud.
“According to a lawsuit filed Thursday in federal court in Salt Lake City, Travis Wright misappropriated all but $6 million of the $145 million he raised from about 175 investors between 2001 and 2009 by selling notes issued by his Waterford Loan Fund LLC. The SEC said the 47-year-old Draper resident represented to investors that their money would be used for loans secured by commercial real estate.”
But the “candwich,” European travel and the pull of a lifestyle for the rich and famous were beckoning. Wright also invested in a company that makes rose petals imprinted with inspiring messages and a film about the Pinewood Derby car race organized by the Boy Scouts.
And in case you’re interested, the “candwich,” in the event it hits the market, would be available in three varieties, PB and J with grape or strawberry jam and Barbecued Chicken. Yummy!
One of the candwich’s selling points promoted on the website, is its long shelf life, suitable “for emergency food storage needs in the event of natural disasters.”
Perhaps the candwich makers should consider purchasing advertising on Glenn Beck’s Fox News show. The apocalyptic sandwich in a can would co-exist nicely with Beck’s current sponsors schilling survival seeds and gold investment scams.