Source: Office of United States Attorneys
NEWARK, N.J. – The founder and executive chairman of a beverage company appeared in court for lying to solicit investments in his company, U.S. Attorney Philip R. Sellinger announced.
Todd O’Gara, 44, of Austin, Texas was charged by complaint with one count of wire fraud and appeared in court today to before U.S. Magistrate Judge Dustin Howell in Austin federal court.
According to documents filed in this case and statements made in court:
O’Gara, who founded and managed a beverage company, Wanu Water, Inc., raised at least $3.4 million dollars from individual victim investors. O’Gara repeatedly lied to solicit those investments and to encourage investors to maintain their investments. Among other things, O’Gara lied about the size of purchase orders from retailers and about major investments from private equity firms. As part of this fraudulent scheme, O’Gara sent investors fake documents including doctored emails and forged term sheets.
The wire fraud charge carries a maximum penalty of 20 years in prison and a maximum fine of $250,000, or twice the gross gain to the defendant or gross loss to the victim, whichever is greatest.
U.S. Attorney Sellinger added that the investigation is continuing. If you believe you are a victim of or otherwise have information concerning this scheme, please contact the FBI at newark-victim_assistance@fbi.gov.
U.S. Attorney Sellinger credited special agents of the FBI, under the direction of Acting Special Agent in Charge Nelson I. Delgado, Newark Field Division, with the investigation.
The government is represented by Assistant U.S. Attorneys Aaron L. Webman and Carolyn Silane of the Economic Crimes Unit in Newark.