Is putting a sandwich in a can and calling it a “Candwich” the next can’t-miss billion-dollar idea?
According to The New York Times, even if it is, investors in Utah who put $145 million in the hands of a money manager named Travis L. Wright will still have thinner wallets.
A lawsuit by the federal Securities and Exchange Commission says that Wright promised returns of up to 24 percent on real estate investments, but that he put the money instead into Candwich development and other equally untried ideas.
Wright, who is 47 and lives in Draper, Utah, according to the suit, did not return telephone calls. Several listings for Waterford Funding were disconnected or not in service.
Meanwhile, the Candwich concept perseveres. The president of Mark One Foods, Mark Kirkland, who said he patented the idea of putting solid food in a beverage container with the slogan, “Quick & Tasty, Ready to Eat,” said Wright promised full financial backing for Candwich production that never really materialized even as investors did.
He said he believed that canned sandwiches would ultimately sell, and hoped to go into production later this year. The shelf life of a Candwich is excellent, Kirkland said.
Photo by Mark One Foods.