Two Utah moguls allegedly splurged $40 million of investors cash' intended for a slate of bars on enormous mansions, ultra-luxurious vacations and a private jet.

Aaron Wagner, 42, and his business partner Michael Mains, 46, are accused by federal authorities of raking in millions on the promise of building a dozen new restaurants in the Gilbert and Scottsdale, Arizona areas.

Instead, they splashed out on multi-million-dollar homes and purchased an $8.3 million private jet, it is claimed, all while bragging about their extravagant purchases on social media.

Prosecutors allege this was all part of the scheme, as Wagner would 'show off' his 'lavish lifestyle to induce investors to believe he was a successful businessman.'

Days before the duo were indicted on November 6, Wagner's wife Candace lashed him on Instagram and implied he'd cheated on her, saying he had 'sold his soul to the devil.'

She shared a smiling picture they took in happier days, saying: 'This man is NOT my husband. This is NOT the man I married. I’ve hated him for YEARS. But I can’t live with that hate in my heart anymore so all I can do is forgive him and let the consequences of his actions take care of the rest.

'I have so many questions that he’ll probably never give me answers to. How could he hurt so many good people. How could he hurt ME and MY babies.

'How could he fake TWENTY years with me. How could I fall for all of it. How does a person do the things he’s done.'

According to the federal indictment against Wagner and Mains, the duo told investors they had plans to fund dozens of restaurants.

After raking in $40 million for their ventures, their shareholders eventually came to find their cash was not entirely being spent on the bars, as one alleged victim suspecting there are 'hundreds of people that have been screwed over.'

'(Victims) hope his name becomes synonymous with fraud and is never able to do another deal again,' the anonymous investor told Gilbert Sun News .

In the complaint, FBI Agent Brad Simons said during his investigation into Wagner's ventures, which were reportedly under several business names, he found the businessman used over $2 million from one investor to pay for the private jet.

Wagner and Main both regularly posted photos of themselves using a glamorous black private plane on their social media pages.

Also listed among the allegedly fraudulent purchases included a $4 million 'second home' for Wagner in Scottsdale, a $4.5 million property intended to be turned into a nightclub, and an $8 million estate in Missoula, Montana.

Simons wrote in the complaint that although Wagner's social media showed him living the high life with his wife and their seven children, 'many of these indicators of success were in fact financed by investor funds he had stolen from the very businesses they were meant to support.'

He would do so 'in order to conceal the fact that he had already squandered or diverted the investors’ money', the complaint claimed.

A number of the locations where Wagner and Mains singled out for their bar plans have also come under scrutiny, including a 'swanky new dining experience' in Scottsdale, Arizona called Swags.

The application for the bar, which has since been denied, also listed a number of franchises owned by Wagner to bolster his credentials, including 'Everbowl, Crumbl Cookies, Dirty Bird Chicken, Hello Sugar, Mas Por Favor, Electric Fish and Morning After Brunch Club.'

Wagner's plans sparked backlash in Gilbert, Arizona when it was revealed he bought the Clare House, the second-oldest building in the city.

Locals feared he would demolish the building to build a Bottle Blonde franchise location - one of many that have now stalled amid the federal investigation.

Casey Kendel, chairman of the Redevelopment Commission for Gilbert, told AZ Family that she was 'very much in shock' hearing the news of Wagner's arrest, and admitted the move has left locals in the dark.

'We don’t know if the house itself will be caught up in litigation, whether from the criminal charges or if it’s going to be repossessed. So, there are a number of different variables that come into play,' she added.