As of December 2025, the federal fraud case against Utah businessmen Aaron Wagner and Michael Mains has intensified with a superseding indictment, multiple trial delays, and court orders to sell off assets. Prosecutors allege the pair orchestrated a $40 million scheme, defrauding investors in popular restaurant chains like Crumbl Cookies and Dirty Bird to fund a lavish lifestyle of private jets and luxury homes.
If you or someone you know has suffered significant investment losses working with Aaron Wagner, Michael Mains, or WagsCap Food Services, don’t hesitate to reach out to Meyer Wilson Werning today. Our attorneys are experienced in securities fraud cases and will help to guide you through the process with a free and confidential consultation to determine whether your losses are the result of actionable misconduct.
The Allegations: Lifestyle Marketing vs. Investor Reality
Federal prosecutors allege that from March 2021 through late 2024, Aaron Wagner and Michael Mains used their company, WagsCap Food Services, LLC, to solicit millions for restaurant development. Instead of building out franchises for Hello Sugar, Everbowl, and Crumbl Cookies, authorities claim the funds were diverted to pay personal expenses and previous investors in a Ponzi-like fashion.
The indictment claims Wagner used investor capital to maintain an image of extreme wealth to attract new money, allegedly spending funds on:
- A $4 million second home in Scottsdale, Arizona.
- An $8 million personal airplane.
- A $4.5 million commercial property intended for a nightclub.
- An $8 million property in Missoula, Montana.
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Case Timeline and Updates (December 2025)
Since the initial arrest in October 2024, the legal proceedings have become increasingly complex. The following timeline showcases critical developments through December 13, 2025.
Superseding Indictment and New Charges
On April 9, 2025, a federal grand jury returned a superseding indictment, updating the charges against the defendants.
- Aaron Wagner now faces counts 1s through 8s.
- Michael Mains faces counts 1s through 6s.
- Both defendants entered pleas of Not Guilty to these updated charges during an arraignment on May 6, 2025.
Asset Forfeiture and Property Sales
As the case progresses, the government has moved to secure assets. On September 23, 2025, Judge Ted Stewart granted the government’s motion for an Interlocutory Sale of Real Property. This order allows the government to sell certain seized properties before the trial concludes to prevent value depreciation, signaling active efforts to recover funds that could potentially be used for restitution.
Trial Continuances
The trial has been postponed multiple times due to the volume of evidence and complexity of the case:
- January 17, 2025: Trial continued to August 2025.
- July 30, 2025: Trial continued to November 2025.
- November 24, 2025: The court issued another “Ends of Justice” order to continue the trial, meaning proceedings are currently delayed further into 2026.
Red Flags in the Wagner/Mains Scheme
The allegations against WagsCap underscore several warning signs common in private equity and franchise fraud.
Investors should be wary of:
- Lifestyle as Collateral: Promoters who use extravagant personal wealth (jets, exotic cars) as proof of business competence.
- Commingling Funds: Using funds raised for one specific project (e.g., a specific restaurant location) to pay debts or expenses for unrelated entities.
- Opaque Financials: A lack of audited financial statements or third-party verification of where capital is actually being deployed.
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How Meyer Wilson Werning Can Help
The repeated continuances in the Wagner and Mains trial accentuates a hard truth: the criminal justice process is slow, and federal restitution is rarely guaranteed to cover all losses. Investors do not have to wait for a jury verdict to seek compensation.
At Meyer Wilson Werning, we represent investors nationwide who have been harmed by Ponzi-like schemes, affinity fraud, and unsuitable private placements. We help clients pursue civil recovery through arbitration and litigation, often targeting the brokerage firms, custodians, or third parties that may have enabled the fraud.
If you invested in WagsCap, Hello Sugar, or other entities controlled by Wagner and Mains, contact us today so our team can review your case and help you explore your legal options for financial recovery.
Frequently Asked Questions
What is the current status of the Aaron Wagner trial?
As of December 13, 2025, the trial has been continued multiple times. The most recent order on November 24, 2025, delayed the trial again under the “Ends of Justice” provision, meaning a final verdict is not expected immediately.
Is Aaron Wagner still in jail?
No. Aaron Wagner was released on strict conditions shortly after his arrest in October 2024. However, he was found in violation of his release conditions in November 2025 for contacting a witness, though the court allowed him to remain on release.
What happened to the properties Wagner allegedly bought with investor money?
The government is actively moving to liquidate assets. On September 23, 2025, the court granted an order for the interlocutory sale of real property, allowing the government to sell seized real estate before the trial concludes.
What are the new charges in the superseding indictment?
On April 9, 2025, a superseding indictment was filed charging Aaron Wagner with Counts 1s through 8s and Michael Mains with Counts 1s through 6s. These charges generally replace or expand upon the original 16 counts of wire fraud and money laundering filed in 2024.
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