SEC charges duo in $275 million water vending machine Ponzi scheme
By 
Oscar Gonzalez2025-08-18T14:12:00
The owner of a water machine vending company and a portfolio manager were allegedly behind a Ponzi-like scheme that raised more than $275 million, according to the U.S. Securities and Exchange Commission (SEC).
Ryan Wear—owner of Washington state-based companies Water Station LLC and Creative Technologies, Inc.—and Jordan Chirico, a portfolio manager of a hedge fund that was part of Jefferies Financial Group’s Leucadia Asset Management, were charged with fraud, the SEC said Thursday in a press release. The two collaborated in a scheme from September 2016 to February 2024 to defraud more than 250 investors.
The SEC alleged that Wear took investor money to purchase water vending machines to generate revenue, but those machines either never existed or had already been sold. The scheme brought in $165 million.
Related articles
-
News BriefDOJ, SEC charge owner of Pennsylvania companies of running $770M Ponzi scheme
The majority owner of a Pennsylvania investment firm faces 100 years of prison time and huge fines for allegedly running a $770 million Ponzi scheme centered on an ATM company he also owned.
-
News BriefDOJ charges California fintech executives in $248M fraud involving falsified documents
The co-founders of a California financial tech and sustainability services company defrauded investors and lenders of $248 million, according to the Department of Justice.
-
ArticleFraud, money laundering, and sanctions prompt global regulators to increase scrutiny of law firms
Legal firms face growing global regulatory pressure, requiring compliance managers to focus on integrated systems, identity verification, and staff training to prevent crime and penalties.
More from Regulatory Enforcement
-
News BriefSEC reportedly investigating MassMutual’s accounting amid ongoing government shutdown
Even though the U.S. federal government is currently shut down, the U.S. Securities and Exchange Commission appears to still be at work. The financial regulator is reportedly investigating a major insurance and asset management company over its accounting practices.
-
News BriefAMLA: What difference will the agency make in the EU’s fight against moneylaundering?
Europe’s massive financial sector has become a magnet for illicit money flowing through its banks and markets. A new EU agency will be taking the problem head-on to fight against money laundering.
-
ArticleFormer startup CEO gets 7 years in prison for $175M fraud against JPMorgan Chase
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.