Due Diligence

"Candwich" Trips Up Money Manager, SEC Suit Ensues

There are so many innovative investment ideas out there. Now this: the Candwich! What’s that? A canned sandwich, of course. If only it had really taken off, then maybe money manager Travis L. Wright wouldn’t have resorted to using his client’s money to fund the venture. That’s just speculation, but as it is, Wright spent $145 million of investor funds on the candwich and other business ventures, according to a Securities Exchange Commission lawsuit. Wright told his Utah-based investors that he was going to put their money in real estate investments, and promised returns of 24 percent. Meanwhile, the candwich may still get off the ground. From today’s New York Times story about Wright, Utah and the candwich:

“President of Mark One Foods, Mark Kirkland, who said he patented the idea of putting solid food in a beverage container with the slogan, ‘Quick & Tasty, Ready to Eat,’ said Mr. Wright promised full financial backing for Candwich production that never really materialized even as investors did. He said he believed that canned sandwiches would ultimately sell, and hoped to go into production later this year.”

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