Trent Stagg’s campaign paints him as a successful business fixer, but the Utah Senate candidate filed for bankruptcy in 2010 claiming he had liabilities of almost $1 million.
On August 12, 2010, Staggs filed for personal bankruptcy with $818,825 in liabilities and $459,317 in assets. Liabilities included a $50,000 judgment from a civil case in Clark County, Nevada.
He disclosed income of $1,954 a month in unemployment insurance. The bankruptcy was discharged on November 18, 2010.
DailyMail.com previously reported that right wing Utah Senate candidate Staggs was once tapped to a lead a company that was shut down after the FDA alleged it had falsely marketed its ‘natural’ Viagra product.
Former President Donald Trump endorsed Staggs’ race last month.
A right-wing Utah Senate candidate used to lead a fraudulent company that was shut down by the FDA over its ‘natural’ Viagra product
Staggs was pressed on the bankruptcy filing during an event – and avoided answering.
‘This room is full of people who value personal responsibility and accountability. I have in my hands a bankruptcy petition filed in 2010 by a Trent Philip Staggs. My first question is that you? And two if you value personal responsibility and integrity and accountability, how can you file for bankruptcy and foist your debts upon the public?’
‘Next question,’ said Staggs.
Kirk cut in. ‘Do you like Donald Trump or not? Donald Trump used the bankruptcy laws for his own good and purpose.’
Trump’s companies filed for Chapter 11 bankruptcy protection six times.
‘Some people have no choice but to declare bankruptcy and call tomorrow a better day!’ Kirk went on.
Also in 2010 JP Morgan Chase filed a lawsuit against Staggs and Tahitian Tan LLC over failure to repay a loan.
In July 2010, the court awarded JP Morgan Chase a total judgment of $26,839.63 including interest and attorney’s fees, according to court documents seen by DailyMail.com.
As of the filing of the lawsuit, Staggs owed the bank $21,766.63.
Staggs’ defense had tried unsuccessfully to argue an obscure monetary theory as to why he should not have to repay the loan.
Known as ‘vapor money theory,’ he said the loan was not enforceable because the bank did not loan any ‘real’ money backed by gold or silver, the bank put nothing into the transaction and therefore no enforceable debt accrues.
Trent Staggs, a member of the Mormon Church making a bid for the Senate to replace Mitt Romney, brands himself as a ‘classic Utah success story.’
His website notes he has ‘more than 20 years of experience running and managing successful Fortune 500 companies to small- and medium-sized enterprises.’
Staggs has scored the endorsement of a number of big political names, including Trump and Arizona Senate candidate Kari Lake
Staggs’ (pictured with his wife) campaign to replace retiring Sen. Mitt Romney is being propped up by Rep. Matt Gaetz, R-Fla., who will campaign with him in Utah this week. He’s served as the mayor of Riverton since 2018
But Staggs took over as president of soon-to-be defunct company Regeneca in 2015.
The company was forced to recall its erectile dysfunction medication, RegenErect, three years earlier, after the FDA alleged the so-called ‘natural’ product contained ordinary Cialis and Viagra which they had not disclosed, potentially putting users at risk of deadly health complications.
The FDA also alleged that the company’s weight loss supplement that was marketed as ‘all natural’ was actually just amphetamine – a stimulant drug.
Staggs noted that he was not the leader of the company when it was selling the erectile dysfunction medication, and he’d been brought on to turn things around.
‘All of these issues, which predated my arrival, are exactly why they brought me into the company as interim president. The owners needed someone to evaluate the business and see if there was a path forward,’ he told DailyMail.com in a statement.
Staggs has also scored endorsements from pro-Trump politicians like Rep. Matt Gaetz, R-Fla., Alabama Sen. Tommy Tuberville and Arizona Senate candidate Kari Lake, former Trump Administration officials Kash Patel and Ric Grenell. He’s one of 11 Republican vying in a primary to succeed Romney.
