Built on a mountain top in rural Tennessee, trucks would have to access the plant on a narrow road. WRAGG hired his aunt and his sister to do sales and marketing for this real estate venture. Mantria also used wire transfers to pay for other portions of the Ponzi scheme, including payments for both the real estate and green energy projects. In an email dated December 28, , Dr. Notably, this testimony took place approximately one year after the SEC shut down Mantria in November High-Temp Industries manufactured and supplied CDI with many of the components for the carbon diversion system. I spend every dime I make. A further continuance of this trial would be a grave disservice to justice, as even fewer victims would be in a position to testify and fewer victims would be alive to see justice served. Lurvey was exploring ways to use the carbon diversion systems in Hawaii to convert Macadamia nut shells into biochar.
Of course, Mantria vastly overstated the value of the land in Tennessee and their ownership of the land came with serious contingencies. There are 99 counties covering the state of Iowa and incorporated cities. WRAGG claimed that the estimated rate of return for investors over three years was When Mantria was shut down by the SEC, most of the land had been taken back by its former owners and what little remained had little or no value. Mantria also had to pay the landowners to purchase the real estate under the seller financing contracts. In fact, the Dunlap plant had not even been built. In imposing a civil penalty on the defendants, Judge Arguello held: Most of the victims have a very similar story to tell. I know where all the money is going. As an insurance salesman, MCKELVY taught investors to withdraw funds from their brokerage or retirement accounts, overfund insurance policies, and then take the maximum possible loans from these policies. Dixson, an experienced real estate investor, about selling real estate. WRAGG negotiated similar deals with other landholders in the area and started selling their land to speculators. In reality, the building had not even been built. A key part of their investment pitches to new investors was that if Mantria went bankrupt, their investments were secured by the Tennessee real estate. Mantria was in fact losing a substantial amount of money on every real estate sale. The land had a shortage of potable water. In early , WRAGG received approval from the State of Tennessee to form a financial institution, called Mantria Financial, and to start financing mortgages on the land. The Dunlap carbon diversion plant, discussed in more detail below, was located on this property as well. WRAGG also knew that he was not giving the investors a complete and accurate picture of Mantria as he omitted many material facts about Mantria. A mechanical engineer by trade, Widener agreed to help get the Dunlap plant up and running. In an email dated December 28, , Dr. Widener and some engineers from CDI thereafter spent about three months in Tennessee building the Dunlap plant essentially from scratch. Much of the water in the county was contaminated by the past strip mining activity in the area. A pipeline and pumping stations would have to be built to accomplish this feat at considerable expense. I look at the books. As Widener explained, making biochar is similar to making any other kind of baked product — if you have inconsistent ingredients you will end up with inconsistent results. By November , the Dunlap plant had run a few test batches but was not producing a consistent and sellable product.
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