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SEC says wind power promotion amounted to hot air

2020-07-14 20:38 ET - Street Wire

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by Mike Caswell

The U.S. Securities and Exchange Commission has filed civil fraud charges against a pair of Toronto men and an Arizona resident over a "blatantly false" wind power promotion. The SEC claims that the group raised $1.9-million from investors while touting what was supposedly the most efficient wind turbine in the world. (All figures are in U.S. dollars.) Unfortunately for investors, the claims were false and the men were misappropriating much of the money that they raised, at least according to the SEC.

The allegations are contained in a civil complaint that the SEC filed on Tuesday, July 14, in federal court in Miami. The defendants include two Toronto-area men, Anthony Goldstein and John Alexander van Arem. Also charged is Richard Hinds, an Arizona resident who lives on the outskirts of Phoenix.

The SEC cites the men for the promotion of Thunderbird Power Corp., a company that was supposedly developing a wind turbine, one that it called the PowerStack. From 2016 to 2018, the men touted the device as the most efficient wind turbine on the market, the SEC says. According to the complaint, they raised $1.9-million from investors based on those claims, and then misappropriated $850,000 of the money.

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