Bangladesh, Aug. 17 -- The US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have jointly unveiled sweeping criminal and civil charges against two men accused of orchestrating a massive water vending machine Ponzi scheme that defrauded investors of more than $200 million. Federal prosecutors described the case as one of the most brazen and damaging frauds in recent years, targeting retail investors, including military veterans, through false promises and deception.

At the center of the case is 49-year-old Ryan Wear, a resident of Everett, Washington, and former owner of Water Station Management, a company that marketed and sold water vending machines to investors. According to prosecutors, Wear raised more t...