One of the Valley’s millionaire restaurant entrepreneurs is accused of defrauding investors out of millions for personal gain, including using funds for a home, out-of-state real estate and an $8 million private airplane.
Aaron Wagner, a part-time Scottsdale resident planning to open restaurants in Gilbert and Scottsdale, was arrested by FBI agents on Oct. 24 in Salt Lake City, Utah.
Wagner and his business partner, Michael Mains, face 16 counts, including four counts of wire fraud, one count of conspiracy to commit wire fraud, six counts of transactional money laundering, and five counts of concealment money laundering.
Since at least 2021, Wagner, Mains and unnamed co-conspirators allegedly ran Ponzi-like schemes, tricking investors into sending millions to entities they controlled, according to the U.S. Attorney’s indictment.
The indictment states that instead of funding restaurants and other businesses as promised, the money was diverted for personal gain or used to maintain the appearance of success for earlier investors.