DENVER — Is putting a sandwich in a can and calling it a “Candwich” the next can’t-miss billion-dollar idea?

Even if it is, investors in Utah who put $145 million in the hands of a money manager named Travis L. Wright will still have thinner wallets. A lawsuit by the federal Securities and Exchange Commission says that Mr. Wright promised returns of up to 24 percent on real estate investments, but that he put the money instead into Candwich development and other equally untried ideas.

Along with sales of canned sandwiches — Pepperoni Pizza Pocket and French Toast in a can were planned — Mr. Wright’s companies, under the banner of Waterford Funding, also invested in a company selling rose petals printed with greeting card sentiments and another selling watches over the Internet.

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Utah has long endured a reputation as a place where many people are naïve or trusting to the point of losing their shirts. And the erosion of retirement savings in the recession has only compounded the problem, said Michael E. Hines, the director of enforcement at the Utah Division of Securities.