In a statement released by the U.S. Attorney’s Office for the District of Utah, two Utah businessmen, Aaron A. Wagner and Michael Mains, have been indicted on charges of wire fraud and money laundering. The multi-million dollar fraud case involves the pair allegedly defrauding investors and lenders who believed their funds would support the development of various restaurant businesses.
Originally taken into custody on October 23, 42-year-old Wagner and his 46-year-old codefendant Mains, both from Alpine, Utah, were indicted last Wednesday after a grand jury in Salt Lake City found sufficient evidence to charge them with a 16-count indictment. Caught by the authorities, the duo is accused of scheming to trick lenders and investors into sending millions to entities they controlled through their firm, Wagscap Food Services, LLC. Court documents reveal that the accused promised their funds would go towards the development of eateries like Dirty Bird, Everbowl, and Crumbl Cookies, among others, according to the
U.S. Department of Justice
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Court filings outline how Wagner, ostensibly banking on his projected image of a successful entrepreneur, would flaunt a lifestyle filled with personal jets, exotic cars, and luxury vacations to lure investors. Behind the veneer of opulence, however, the funds fueling such extravagances were allegedly sourced from the very investors Wagner was defrauding. This lavish spender, according to accusations, maintained his facade by using the influx of new investor money to appease previous backers he had deceived.
Through their fraudulent activities, it is alleged that Wagner was able to bring in over $40 million from unwitting investors, while he and Mains redirected millions for personal gain. Purchases they made included a variety of high-ticket items such as a $4 million second home in Scottsdale, Arizona, an $8 million private airplane, and properties intended for further development into a nightclub and real estate investments.
The indictment led to Wagner and Mains’ initial appearance in court on November 8, before a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse. Looking ahead, the pair face a jury trial scheduled for February 3, 2025. Trina A. Higgins, United States Attorney for the District of Utah, announced the charges, with the FBI Salt Lake City Field Office conducting the investigation. Assistant United States Attorneys Carl D. Lesuer and Brent L. Andrus are handling the prosecution of the case.
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