Aaron Wagner, a part-time Scottsdale resident and entrepreneur, was arrested by the FBI in Salt Lake City on Oct. 24, facing accusations of defrauding investors out of millions. Wagner and his business partner, Michael Mains, have been charged with 16 counts, including conspiracy and wire fraud. Prosecutors allege that Wagner and Mains operated a Ponzi-like scheme, diverting investor funds meant for restaurant and business projects to personal expenses, including a private plane, a $4 million Scottsdale home, and an $8 million property in Montana.
Court documents indicate Wagner misled investors with a fabricated story of his background, falsely claiming he managed a billion-dollar portfolio and played in the Rose Bowl. He allegedly used investor funds for personal purchases and to sustain an image of success. Some funds were reportedly directed to his upscale Scottsdale restaurant project, Swags, which was later sold.
Further, Wagner allegedly used coercion to silence critics, reportedly employing tactics like fake death certificates to remove online complaints. Though prosecutors requested that Wagner be held due to potential flight risks, he was released on GPS monitoring pending trial on Feb. 3.
