SEC accuses 4 people in alleged Ponzi scheme

AP News
Posted: Nov 16, 2009 10:16 PM

Federal regulators have accused four people and two companies of fraud in an alleged $30 million Ponzi scheme that lured 300 investors nationwide in purported eco-friendly investments.

The Securities and Exchange Commission alleges Wayde McKelvy and Donna McKelvy, who were married, used their Centennial, Colo.-based company Speed of Wealth to find investors for Bala Cynwyd, Pa.-based Mantria Corp.

The SEC filed a complaint in federal court Monday in Denver alleging the McKelvys and Mantria executives Troy Wragg and Amanda Knorr of Philadelphia overstated Mantria's successes to lure investors.

Wragg and Knorr didn't return a phone message seeking comment. Donna McKelvy's voice mail wasn't accepting messages. Wayde McKelvy's phone number wasn't listed.