US SEC charges the founder of two Washington-based companies for running Ponzi-like schemes that defrauded over $275M from more than 250 investors between 2016 and 2024

Wear allegedly sold non-existent or previously sold water vending machines to retail investors, including veterans, promising annual returns of 12% to 20%. He also issued bonds purportedly secured by these machines to institutional investors, misappropriating over $60 million for personal expenses and to pay returns to earlier investors…