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Centennial firm tied to ‘Ponzi-like’ scheme
By Peter Jones
The U.S. Securities and Exchange Commission has frozen the assets of a Centennial firm involved in what officials have described as a Ponzi-like scheme. Speed of Wealth and its principals, Wayde and Donna McKelvy, have been indicted.
The married couple raised at least $30 million from more than 300 investors for Pennsylvania-based Mantria Corp., according to an SEC complaint filed in U.S. District Court.
A Ponzi scheme is a fraudulent investment operation that pays returns to investors from funds acquired from subsequent investors, as opposed to actual profit.
Speed of Wealth marketed investment opportunities in Colorado and other states, according to the SEC.
Mantria, which was involved in alternative-energy projects, had been honored by former President Clinton at a meeting of his foundation.
The SEC alleges that Mantria used funds from recent investors, including some in the south metro area, to pay earlier investors.
Speed of Wealth had hired former Denver Broncos quarterback John Elway as a pitchman for its investment seminars, though he did not have an ongoing relationship with the company, according to Elway’s business office.
Highlands Ranch resident Dee Holl, 60, invested $200,000, her life savings, through Speed of Wealth in September 2008. She says there had been nothing to make her suspect the investment was risky.
“They built a very promising picture of things going well,” she said. “There was name-brand recognition that would minimize doubt with John Elway and Bill Clinton. On the Web page, their [technology] had been endorsed by the EPA. Everything really looked to be on the up and up.”
The married couple raised at least $30 million from more than 300 investors for Pennsylvania-based Mantria Corp., according to an SEC complaint filed in U.S. District Court.
A Ponzi scheme is a fraudulent investment operation that pays returns to investors from funds acquired from subsequent investors, as opposed to actual profit.
Speed of Wealth marketed investment opportunities in Colorado and other states, according to the SEC.
Mantria, which was involved in alternative-energy projects, had been honored by former President Clinton at a meeting of his foundation.
The SEC alleges that Mantria used funds from recent investors, including some in the south metro area, to pay earlier investors.
Speed of Wealth had hired former Denver Broncos quarterback John Elway as a pitchman for its investment seminars, though he did not have an ongoing relationship with the company, according to Elway’s business office.
Highlands Ranch resident Dee Holl, 60, invested $200,000, her life savings, through Speed of Wealth in September 2008. She says there had been nothing to make her suspect the investment was risky.
“They built a very promising picture of things going well,” she said. “There was name-brand recognition that would minimize doubt with John Elway and Bill Clinton. On the Web page, their [technology] had been endorsed by the EPA. Everything really looked to be on the up and up.”
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