July 18, 2020
The owners of a wind power startup that promised to revolutionize the green energy industry are being prosecuted for fraud and embezzlement.
From the article:
They pushed an enticing but false narrative of the company’s technology, success and financial potential, authorities said.
They boasted that, like with early investors in tech giants Amazon, Google and Facebook, who made enormous profit, investing in Thunderbird had a "virtually limitless potential.â€
Among the claims the SEC said are false or misleading is that Siemens, a huge, internationally known engineering company, had "confirmed that the PowerStack extracts more kinetic energy from wind than any other wind turbine technology on the market.â€
A press release issued in 2018 boasts that Siemans confirmed "the PowerStack Wind turbine is the most efficient and cost efficient wind turbine technology on the market and will produce electricity at a tiny fraction of the cost of any other method, renewable or fossil.â€
A year before, a press released claimed it was "the world’s most economical means of generating utility-grade electricity.â€
Siemens, in fact, had not laid eyes on a PowerStack turbine let alone tested one; the company only did number crunching of conceptual data Thunderbird gave it, according to the SEC.
There wasn’t even a turbine to test at the time, as the press releases were issued before work to build a turbine had even begun.
"Without even a prototype
wind turbine constructed, and without any physical testing on an actual
product, there was no basis in fact for Thunderbird and its officers to
make any claims about the operation, production cost and efficiency of
any wind turbine,†the SEC documents say.
By October 2018, the company had raised almost US$2 million from at least 60 investors.
About a third of investors’ money was used to pay commissions to Goldstein, van Arem, and a large network of sales agents; van Arem was to receive 50 per cent of proceeds for his services, the complaint says.
According to the complaint, Hinds, Goldstein, and van Arem misappropriated nearly US$850,000 — more than 40 per cent of investor funds — to enrich themselves and pay the sales agents to seek out more unsuspecting investors.
The investment activity spanned at least from August 2016 through to October 2018, the SEC said.
A message left at Thunderbird’s phone number, on which a recorded message said calls were returned within one hour during the business day, was not returned prior to publication. An email to the company’s email address was returned as undeliverable.
The SEC’s complaint, filed in federal court in the Southern District of Florida, charges Thunderbird, Hinds and Goldstein under the Securities Act rather than criminally.
The SEC seeks the return of "ill-gotten gains,†with interest, and the payment of unspecified civil penalties.
The SEC also wants Hinds and Goldstein banned from being an officer or director of any public company and all three, including van Arem, banned from participating in future offering of penny stock.
The company slogan was "For us, power is a breeze!" No, money was a breeze! I think too many investors had consumed far too much Thunderbird before sending in their money!
Posted by: Timothy Birdnow at
11:27 AM
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Posted by: Dana Mathewson at July 18, 2020 01:04 PM (3ESpR)
But if Biden wins they'll get a subsidy and can pay off their debts.
Posted by: Timothy Birdnow at July 19, 2020 07:47 AM (DyazU)
Posted by: Timothy Birdnow at July 19, 2020 07:48 AM (DyazU)
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