Patrick Carter, the founder and CEO of 808 Renewable Energy Corp., and 808 Renewable Energy Corp. Allegedly Misled Investors and Orchestrated a $30 Million Fraud Scheme
Patrick Carter, the founder and CEO of 808 Renewable Energy Corp., and 808 Renewable Energy Corp., a California-based renewable energy company, allegedly orchestrated acts of fraud against their own investors, according to recent SEC Documents currently under review by attorneys Alan Rosca and James Booker.
Other individuals named in the case include chief operating officer Peter Kirkbride, sales representatives Martin Kinchloe and Thomas Flowers, and three other firms: 808 Investments LLC, West Coast Commodities LLC, and T.A. Flowers LLC., said SEC Documents report.
The aforementioned alleged acts of fraud purportedly commenced in 2009 and went on for at least five years, the SEC notes.
The alleged fraud scheme also allegedly raised more than $30 million from hundreds of investors, the SEC Documents further allege.
The aforementioned defendants allegedly misled their own investors, and falsely reported that their funds would be implemented to bring in new equipment and to expand the operations of 808 Renewable, the SEC Documents go on to report.
Furthermore, Patrick Carter allegedly paid millions for so-called “consulting fees” by 808 Investments LLC, the SEC Documents allege.
The Peiffer Rosca Wolf securities lawyers are currently investigating Patrick Carter, the founder and CEO of 808 Renewable Energy Corp., and 808 Renewable Energy Corp.’s alleged multi-year fraud scheme.
Patrick Carter Allegedly Made a False Announcement that 808 Renewable’s Stock was Going Public, Purportedly Made Ponzi-like Payments to Investors, and Also Allegedly Siphoned Investor Funds to Fuel a Lavish Lifestyle
Patrick Carter allegedly announced back in 2013 that the New York Stock Exchange had made preliminary provisions for 808 Renewable’s stock to go public on the AMEX, according to SEC Documents presently being reviewed by attorneys Alan Rosca and James Booker.
Patrick Carter then allegedly went on to sell millions of his own shares to investors, the aforementioned SEC Documents allege.
The SEC Documents then go on to further allege that Patrick Carter siphoned millions of dollars in order to fuel his lavish lifestyle.
Patrick Carter also allegedly used client funds to pay sales representatives and to make Ponzi-like payments to investors, according to SEC Documents.
Carter, 808 Renewable, Kirkbride, Kinchloe, Flowers, 808 Investments, LLC, West Coast Commodities LLC and T.A. Flowers LLC are purportedly facing federal antifraud laws and related SEC rules, SEC Documents note.
The aforementioned defendants, as they were selling shares of 808 Renewable, allegedly made representations to investors and prospective investors that the company was engaged in the renewable and efficient energy business, according to the SEC.
The aforementioned defendants, in conjunction with efforts to raise money, allegedly circulated private placement memoranda, or so-called PPMs, according to recent SEC Documents currently under review by attorneys Alan Rosca and James Booker.
Furthermore, said defendants allegedly produced spoken statements representing that investor funds would be used to bring in new equipment, to expand 808 Renewable’s business, and for other business-related expenditures, the SEC reports.
The defendants also allegedly represented that if any commissions were paid in connection with the sale of 808 Renewable securities that they would not be more than 10% and would only be paid to registered brokers, according to SEC Documents.
In addition, according to SEC Documents, some of the defendants represented that 808 Renewable was coming up with positive cash flow that would be used to pay monthly or quarterly dividends to investors.
What is more, the SEC is also purportedly seeking disgorgement of the allegedly ill-gotten gains in addition to prejudgment interest and penalties, permanent injunctive relief, and penny-stock bars against the defendants, as well as officer and director bars against Carter and Kirkbride, according to the aforementioned SEC Documents.
The SEC Documents also note that 808 Renewable purportedly owns cogeneration equipment that produces electricity and energy on-site at customers’ facilities, and which is supposed to generate revenue from the sale of the electricity and energy produced by the company’s cogeneration systems.
Securities Lawyers Investigating
The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged fraud schemes and are currently investigating Patrick Carter, the founder and CEO of 808 Renewable Energy Corp., and 808 Renewable Energy Corp.’s alleged multi-year fraud scheme. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Patrick Carter, the founder and CEO of 808 Renewable Energy Corp., and 808 Renewable Energy Corp.’s alleged multi-year fraud scheme, may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.
from Investment Fraud Lawyers | Investor Loss Recovery http://ift.tt/2hDfsUk
via Securitieslitigatos.com
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