Utah beer moguls blew $40million of investors cash on splashy western homes and a private jet

Two Utah moguls allegedly splurged $40 million of investors cash intended for a slate of bars on enormous mansions, ultra-luxurious vacations and a private jet.  

Aaron Wagner, 42, and his business partner Michael Mains, 46, are accused by federal authorities of raking in millions on the promise of building a dozen new restaurants in the Gilbert and Scottsdale, Arizona areas. 

Instead, they splashed out on multi-million-dollar homes and purchased an $8.3 million private jet, it is claimed, all while bragging about their extravagant purchases on social media. 

Prosecutors allege this was all part of the scheme, as Wagner would show off his lavish lifestyle to induce investors to believe he was a successful businessman. 

Days before the duo were indicted on November 6, Wagners wife Candace lashed him on Instagram and implied hed cheated on her, saying he had sold his soul to the devil. 

Aaron Wagner, 42, a bar entrepreneur, is accused of swindling over $40 million from investors to buy luxury homes, expensive gifts and a private jet 

She shared a smiling picture they took in happier days, saying: This man is NOT my husband. This is NOT the man I married. I’ve hated him for YEARS. But I can’t live with that hate in my heart anymore so all I can do is forgive him and let the consequences of his actions take care of the rest.

I’m sorry to all of the good people he’s hurt in his path of lust and greed. I hope he finds a way to right his wrongs. Because NO ONE deserved what he’s done

I have so many questions that he’ll probably never give me answers to. How could he hurt so many good people. How could he hurt ME and MY babies.

How could he fake TWENTY years with me. How could I fall for all of it. How does a person do the things he’s done. 

Wagner and his wife often shared lavish holidays they took with their seven children, but prosecutors alleged many of these indicators of success were in fact financed by investor funds he had stolen 

Wagner was charged along with his business partner Michael Mains, 46, (pictured), after allegedly raking in millions on the promise of building new bars in the Gilbert and Scottsdale, Arizona areas 

According to the federal indictment against Wagner and Mains, the duo told investors they had plans to fund dozens of restaurants. 

After raking in $40 million for their ventures, their shareholders eventually came to find their cash was not entirely being spent on the bars, as one alleged victim suspecting there are hundreds of people that have been screwed over. 

(Victims) hope his name becomes synonymous with fraud and is never able to do another deal again, the anonymous investor told Gilbert Sun News. 

In the complaint, FBI Agent Brad Simons said during his investigation into Wagners ventures, which were reportedly under several business names, he found the businessman used over $2 million from one investor to pay for the private jet. 

Wagner and Main both regularly posted photos of themselves using a glamorous black private plane on their social media pages.  

Also listed among the allegedly fraudulent purchases included a $4 million second home for Wagner in Scottsdale, a $4.5 million property intended to be turned into a nightclub, and an $8 million estate in Missoula, Montana. 

Simons wrote in the complaint that although Wagners social media showed him living the high life with his wife and their seven children, many of these indicators of success were in fact financed by investor funds he had stolen from the very businesses they were meant to support. 

Wagners allegedly fake lavish lifestyle and portfolio included this $4.2 million mansion in Alpine, Utah, where he lived with his wife and seven children 

Although Wagners social media showed him living the high life with his family, prosecutors said Wagner would show off his lavish lifestyle to induce investors to believe he was a successful businessman 

 The family is pictured on another lavish vacation to the Ritz-Carlton Hotel in Naples, Florida 

Wagners business partner Michael Mains owned this lavish home near to Wagners in Alpine, Utah 

Detailing the alleged scheme, Wagner is accused of taking investor cash to fund a separate, failing project for an earlier group of investors in a kind of pyramid scheme 

He would do so in order to conceal the fact that he had already squandered or diverted the investors’ money, the complaint claimed. 

A number of the locations where Wagner and Mains singled out for their bar plans have also come under scrutiny, including a swanky new dining experience in Scottsdale, Arizona called Swags. 

Wagners business partner Mike Mains shared images of himself and his family along with the private jet, which prosecutors said was obtained through fraud 

Wagners wife Candace shared a scathing Instagram post disowning her husband for selling his soul to the devil, and apologized to all of the good people he’s hurt in his path of lust and greed 

The application for the bar, which has since been denied, also listed a number of franchises owned by Wagner to bolster his credentials, including Everbowl, Crumbl Cookies, Dirty Bird Chicken, Hello Sugar, Mas Por Favor, Electric Fish and Morning After Brunch Club. 

Wagners plans sparked backlash in Gilbert, Arizona when it was revealed he bought the Clare House, the second-oldest building in the city. 

Locals feared he would demolish the building to build a Bottle Blonde franchise location - one of many that have now stalled amid the federal investigation. 

Casey Kendel, chairman of the Redevelopment Commission for Gilbert, told AZ Family that she was very much in shock hearing the news of Wagners arrest, and admitted the move has left locals in the dark. 

We don’t know if the house itself will be caught up in litigation, whether from the criminal charges or if it’s going to be repossessed. So, there are a number of different variables that come into play, she added.