Man gets 22 years in prison for stealing millions in retirement investment scheme

Kristen Johanson
August 20, 2019 - 3:03 pm

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PHILADELPHIA (KYW Newsradio) — A Philadelphia man will spend the next two decades in prison for operating a Ponzi scheme, stealing people's retirement funds and leaving some in financial ruin. He confessed to another scheme to defraud a woman through a fake dating site. 

Troy Wragg admitted he schemed to take people's retirement funds and lied to them by saying they would make a 50% profit if they gave him their money.

Prosecutors say Wragg, along with Amanda Knorr and Wayde McKelvy, started a fake company called Mantria to defraud people of their retirement money and "coach" others into taking out home equity and credit card loans, leaving many victims in a financial mess.

The Ponzi scheme ran from 2005 to 2009. 

When Wragg was first indicted and was out on bail, he started a second scheme, prosecutors say, making up a fake video dating company he called LUVR, and selling it to a victim as an investment, saying it was going to be purchased by a well-known internet entrepreneur.

A judge sentenced 37-year-old Wragg to 22 years in prison for both schemes, and he must pay back $54 million to the victims.

Knorr was sent to prison in April for nearly two years for her role, and McKelvy hasn't yet been sentenced.