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Weld County details investigation of Abound Solar
[Denver Post] Abound Solar, the defunct solar-panel manufacturer, is under criminal investigation for possible securities fraud, consumer fraud and financial misrepresentation, the Weld County district attorney's office said Thursday.Loveland-based Abound closed its Colorado plant in July and filed for Chapter 7 bankruptcy liquidation in a move that left 125 workers without jobs and taxpayers holding the bag for up to $60 million in defaulted loans. The DA's office said no criminal charges have been filed. Weld County officials confirmed the existence of an investigation to The Denver Post last week, but Thursday's announcement provided more detail on the nature of the investigation. The securities-fraud investigation stems from allegations that "officials at Abound Solar knew products the company was selling were defective, and then asked investors to invest in the company without telling them about the defective products," the DA's office said in a news release. Similarly, the consumer-fraud allegation is that Abound knowingly sold defective panels to customers. Posted by: Fred 2012-10-27 |
| http://www.rantburg.com/poparticle.php?ID=354748 |