And another one bites the dust
From the
Denver Post:
Weld County details investigation of Abound Solar
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.
A bit more:
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.
The third subject of investigation is that Abound allegedly misled financial institutions when the company was seeking loans.
Sheesh... Selling known defective panels -- sounds like a bit of jail-time for some of the executives.
Posted by DaveH at October 26, 2012 5:50 PM