Formerly touted as a promising investment opportunity, Wags Capital’s plans to expand the Dirty Bird Chxx chain have taken a sharp turn towards legal trouble. Aaron Wagner, the man behind the $20 million expansion plan, now faces a felony charge of wire fraud for misusing $2 million meant for building new restaurants. Wagner’s lavish lifestyle, including a personal jet and luxury vacations, allegedly masked the misappropriation of investor funds for personal expenses.
Several Dirty Bird outlets have closed, with allegations of a Ponzi-like operation where funds from new investors were used to cover losses from earlier projects. Wagner’s former partners have distanced themselves from him, terminating his role in their businesses. Wagner also faces a breach of contract lawsuit from investors who claim they were promised returns that were never delivered.
Once lauded for their ambitious plans, Wags Capital and Dirty Bird now serve as cautionary tales of investment gone wrong. The promise of ‘returns beyond riches’ has turned into a legal battle, with Wagner denying any wrongdoing despite mounting evidence against him. The downfall of Wags Capital serves as a reminder to investors to exercise caution and conduct thorough due diligence before committing funds to any venture. The once-promising expansion of the Dirty Bird chain now stands as a cautionary tale of potential fraud and mismanagement in the business world.
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