Highlights
- Aaron Wagner, operator behind the planned Swags restaurant at 7234 E. Shoeman Lane, pleaded guilty to federal fraud charges.
- Wagner allegedly used $2 million in investor funds earmarked for restaurant ventures to help purchase an $8.3 million airplane.
- Swags' rezoning application failed in January after Wagner's October 2024 arrest; his Wags Capital also had a stalled Bottled Blonde bar project in Gilbert.
- Wagner faces federal prison time following the guilty plea.
Aaron Wagner, the Scottsdale investor who pitched a three-story social eatery called Swags to private backers and Scottsdale city planners, has pleaded guilty to federal fraud charges, according to the East Valley Tribune.
Wagner was arrested Oct. 24 on charges that he devised a scheme to defraud private investors in restaurant businesses, according to reporting by the Gilbert Sun News. Prosecutors alleged he used $2 million in investor funds intended for a restaurant venture to help purchase an $8.3 million airplane.
Swags was proposed for 7234 E. Shoeman Lane in Scottsdale's Entertainment District, where Wagner sought to transform what he described as a dilapidated bar into an upscale, multi-story restaurant. The rezoning application failed to secure the required five-vote supermajority before the Scottsdale council in January, coming after Wagner's arrest had already become public. Wagner's company, Wags Capital, had also planned a Bottled Blonde bar in Gilbert's Heritage District; that project received approval but stalled on building permits.
The scottsdale.org city news feed and the Daily Independent both reported on Wagner's arrest at the time. A superseding indictment later added co-defendant Michael Mains, according to investor claims reporting.
Sentencing has not yet been publicly scheduled.
Where to find them
- Swags · bizjournals.com
- Wags Capital · pitchbook.com
Sources
Every factual claim in this article traces to one of the sources below. See how we work for the editorial process.
- eastvalleytribune.com retrieved 07/09/2026 07:16
- gilbertsunnews.com retrieved 07/09/2026 07:16
- scottsdale.org retrieved 07/09/2026 07:16
- yourvalley.net retrieved 07/09/2026 07:16
- Swags (official site) retrieved 07/09/2026 07:16
- Wags Capital (official site) retrieved 07/09/2026 07:16
Authored by The Scottsdale Signal. Drafted by AI from primary-source material under our beat-specific editorial guides; reviewed by humans before publish under our five-gate process. Sources retrieved at 07/09/2026 07:16. Every claim traces to a source.
