SEC Sues Utah Man For $145 Million Real Estate Investing Fraud
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The Securities and Exchange Commission sued a Utah man for falsely telling customers their $145 million would be invested in commercial real estate while instead directing funds to other ventures, including a sandwich-in-a-can business.
Travis Wright, 47, sold promissory notes for his Waterford funds to about 175 investors from 2001 to 2009, the SEC said in a lawsuit filed at U.S. court in Salt Lake City yesterday. Wright used only $6 million of investor money in a manner consistent with his promises, the agency alleged.