The Candwich could have changed the world. With $145 million in potential funding, it was poised to be the Coca Cola of the sandwich-enclosed-in-aluminum market. But things went awry, as the money was never meant for candwiches at all.
According to an SEC lawsuit, Travis L. Wright raised $145 million from 175 investors between 2001 and 2009. Their investment? Commercial real estate with a promised 24% return.
He spent $6 million on the real estate.
With an undisclosed amount of the remaining cash, Wright invested in a variety of other projects, like rose petals printed with greeting card sentiments and even the next canned food craze: Candwiches. Yes, sandwiches in a can, including planned spin-off flavors like Pepperoni Pizza Pocket and French Toast.
Wright also spent about $15 million on himself, purchasing a home from a pro basketball player, paving the driveway in cobblestones from France. But I like to imagine that all the fancy housing was just for his family, a family for whom he stole millions in compensation of the simple truth that his only true love could and would always be the Candwich. [NYT and NPR via Geekologie]