Todd O’Gara, 44, founder and executive chairman of Wanu Water, Inc., was charged in federal court with wire fraud for allegedly defrauding investors out of approximately $3.4 million, the U.S. Attorney’s Office for the District of New Jersey announced today.
O’Gara, a resident of Austin, Texas, appeared before U.S. Magistrate Judge Dustin Howell in Austin federal court after being charged by criminal complaint. He faces a maximum sentence of 20 years in prison, along with a fine of $250,000 or twice the gross gain or loss from the fraud, whichever is greater.
According to the complaint and statements made in court, O’Gara deceived investors by making false claims to solicit funds for Wanu Water and convince them to continue their investments. Notably, he fabricated purchase orders, including a claim of a $734,448 order from a major national retailer. However, records showed that the actual total purchases from that retailer between 2017 and 2024 amounted to only $412,000.
O’Gara also allegedly created false investment agreements, forging term sheets to indicate millions of dollars in funding from private equity firms. These fabrications, supported by doctored emails and documents, were central to his fraudulent scheme, the department confirmed.
Further investigation revealed that O’Gara used investor funds for personal expenses, despite the fact that Wanu Water was facing significant financial losses. In 2019, the company had projected a $3.77 million loss. The wire fraud charge carries a maximum penalty of 20 years in prison, along with significant financial penalties.