Will SNEY be next? The U.S. Securities and Exchange Commission (SEC) recently filed fraud charges against four individuals and others who allegedly profited by defrauding investors in a cash-strapped California-based renewable energy company.
Patrick Carter, the founder and CEO of 808 Renewable Energy, was charged along with the company, COO Peter Kirkbride, sales representatives Martin Kinchloe and Thomas Flowers, and three other firms: 808 Investments, West Coast Commodities and T.A. Flowers.
The complaint alleges that the fraud began in 2009 and lasted at least five years, raising over $30 million from hundreds of investors.
According to the report, the defendants misled investors, falsely claiming their funds would be used to acquire new equipment and expand 808 Renewable. Carter was allegedly paid millions for “consulting fees” by 808 Investments, a company he owned and controlled, and diverted millions more to support his lavish lifestyle, to pay commissions to sales representatives, and to make Ponzi-like payments to investors.
