Three Indicted In Montco-Based Green Energy 'Ponzi Scheme'

More than three years after the first SEC charges in what’s been called the “biggest green energy scam in America,” three principals of Bala Cynwyd-based Mantria Corp. have been indicted on federal criminal charges.

The founders of green energy concern Mantria Corporation, Troy Wragg and Amanda Knorr, along with Colorado-based fundraiser Wayde McKelvy, were charged with conspiracy to commit wire fraud, conspiracy to commit securities fraud, securities fraud and seven counts of wire fraud, according to the announcement Tuesday by U.S. Attorney Zane David Memeger of the Eastern District of Pennsylvania and Special Agent in Charge William F. Sweeney Jr of the FBI’s Philadelphia Division.

From the US Attorney’s announcement:

According to the indictment, Mantria was a Ponzi scheme in which new investor money was used to pay “earnings” to prior investors since the businesses actually generated meager revenues and no profits. To induce investors to invest funds, it is alleged that Wragg and Knorr repeatedly made false representations and material omissions about the economic state of their businesses.

The alleged scheme was active from 2005 to 2009. SEC charges were brought in 2009, with criminal charges following this week. The entire story was told in July 2011 by 5280 Magazine.