Indianapolis, December 19, 2025
A Carmel man, Jordan Chirico, has been charged with investment adviser and securities fraud in relation to a $200 million Ponzi scheme involving water vending machines. The allegations highlight issues of ethical conduct and fiduciary responsibility in financial management as both Chirico and the scheme’s orchestrator, Ryan Wear, are accused of misleading investors. The case has raised significant concerns over investor protection and the need for transparency in financial dealings in the Indianapolis area.
Indianapolis, Indiana
Carmel Man Charged in $200 Million Ponzi Scheme Involving Water Vending Machines
Federal authorities have charged a Carmel man in connection with a $200 million Ponzi scheme involving water vending machines. As the Indianapolis area continues to attract innovation and entrepreneurial spirit, this case serves as a reminder of the critical importance of ethical conduct and transparency in financial dealings.
Jordan Chirico, 41, of Carmel, Indiana, is accused of breaching his fiduciary duty to investors by directing funds into the scheme without disclosing his personal financial interests. He faces charges of investment adviser fraud and securities fraud, each carrying significant potential prison sentences and underlining the essential role that financial advisers play in upholding investor trust.
The Allegations Against Chirico and the Scheme Uncovered
The Securities and Exchange Commission (SEC) alleges that Chirico, as a portfolio manager, invested his private fund client’s money into Water Station bonds without revealing his substantial personal stake in the company. This lack of disclosure is said to have concealed conflicts of interest and misled investors about the safety and profitability of their investments.
The scheme, orchestrated by Ryan Wear of Everett, Washington, involved the sale of over 15,000 purported revenue-generating water machines. Authorities claim that Wear misrepresented the number of machines produced, sold some to multiple investors, and used new investor funds to pay returns to earlier investors and cover personal expenses. The SEC’s complaint seeks injunctive relief, civil penalties, disgorgement of ill-gotten gains, and an officer and director bar against Wear.
Importance of Ethical Financial Practices
Chirico’s alleged actions have raised concerns about the responsibilities of investment advisers to act in the best interests of their clients and to disclose all material conflicts of interest. This case underscores the importance of transparency and ethical conduct in financial management to protect investors from fraudulent schemes, which can undermine the hard work and aspirations of legitimate entrepreneurs.
Potential Consequences for Chirico
Chirico faces serious legal repercussions if convicted of the charges against him. Each charge of investment adviser fraud carries a maximum sentence of five years in prison, while securities fraud can lead to a maximum 20-year sentence. Such outcomes not only impact individuals but can have wider implications for the financial community in Indiana, where many small business owners depend on ethical investment practices to thrive.
Overview of Ryan Wear’s Role
Ryan Wear, 49, of Everett, Washington, is accused of orchestrating the Ponzi scheme by misrepresenting the number of water vending machines produced and using new investor funds to pay returns to earlier investors and cover personal expenses. The case against him raises significant concerns about investor protection in the rapidly evolving landscape of investment opportunities.
Community Impact and Moving Forward
The fallout from this scheme may resonate deeply within the Marion County economy, where the entrepreneurial spirit fuels many businesses. It is vital for investors and entrepreneurs to remain vigilant and informed about investment opportunities, ensuring that transparency and accountability are prioritized. Strengthening regulations where necessary while minimizing red tape could protect future investors and encourage a thriving business environment in Indianapolis.
FAQ Section
What is the $200 million Ponzi scheme involving water vending machines?
The scheme involved the sale of over 15,000 purported revenue-generating water machines, with investors misled about the number of machines produced and the safety of their investments.
Who is Jordan Chirico, and what are the charges against him?
Jordan Chirico, 41, of Carmel, Indiana, is a portfolio manager accused of breaching his fiduciary duty by investing his private fund client’s money into the scheme without disclosing his personal financial interests. He faces charges of investment adviser fraud and securities fraud.
What are the potential penalties for the charges against Chirico?
Each charge carries significant potential prison sentences, with investment adviser fraud carrying a maximum sentence of five years in prison, and securities fraud carrying a maximum sentence of 20 years in prison.
Who is Ryan Wear, and what is his role in the scheme?
Ryan Wear, 49, of Everett, Washington, is accused of orchestrating the Ponzi scheme by misrepresenting the number of water vending machines produced and using new investor funds to pay returns to earlier investors and cover personal expenses.
What actions are being taken against Wear?
The SEC’s complaint seeks injunctive relief, civil penalties, disgorgement of ill-gotten gains, and an officer and director bar against Wear.
Key Features of the Case
| Feature | Details |
|---|---|
| Scheme Type | Ponzi scheme involving water vending machines |
| Amount Involved | $200 million |
| Number of Investors | Over 15,000 |
| Key Individuals Charged | Jordan Chirico and Ryan Wear |
| Charges Against Chirico | Investment adviser fraud and securities fraud |
| Potential Penalties for Chirico | Up to 25 years in prison |
| SEC’s Actions Against Wear | Seeking injunctive relief, civil penalties, disgorgement, and an officer and director bar |
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