This is Part 2 of Behind the Scams: Liquid Assets or Mirage? — a deep dive into how the Water Station Ponzi scheme collapsed under the weight of federal prosecution.

In Part 1, we revealed how Ryan Wear convinced ordinary investors, including veterans, to buy into his water-vending empire. Promises of reliable monthly returns gave way to phantom machines, recycled sales claims, and a financial mirage that left victims high and dry. Catch up on Part 1 here.

Part 2 takes the story further—straight into the courts. Federal prosecutors in the Southern District of New Yorkunsealed a federal indictment charging Ryan Wear with securities and wire fraud, tied to a massive $275 million Ponzi scheme. His co-conspirator, Jordan Chirico, a former portfolio manager at Jefferies’ Leucadia Asset Management, was indicted for securities and investment adviser fraud. Prosecutors allege Chirico funneled $107 million into Water Station bonds while concealing his personal stake and collecting undisclosed referral fees.

The SEC filed parallel civil charges, while creditors forced the company into involuntary bankruptcy. Court documents revealed grossly inflated claims—Water Station bragged of more than 17,000 operating machines when fewer than 1,700 existed. The fallout extended to hedge funds, institutional investors, and countless individuals who trusted the pitch.

This episode covers:

Tune in now to learn how greed, deception, and conflicts of interest turned a basic water-vending concept into one of the largest Ponzi schemes in recent memory.