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: Legal Pad | LA

SEC red-lights alleged fake green energy scheme

By Richard Binder

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Yesterday the SEC charged two alleged Orange County boiler-room operators and four salesmen with conducting a fraudulent green-energy investment scheme. According to the complaint, investors were told their money would fund an environmentally friendly energy business, but out of $11 million collected, only about $315,000 went to American Environmental Energy Inc. in Costa Mesa. The rest of the money allegedly fueled lavish lifestyles for the company's principals.

The commission also said that Larry R. Crowder and Joseph R. Porche ran the scheme between early 2008 and February 2009 through their company in Costa Mesa, Kensington Resources Inc. Investors were recruited through online solicitations and telemarketing.

Also named in the SEC complaint were salesmen who worked the phones to bring in investors.

Full story at LATimes.com.

Full post as published by Legal Pad | LA on August 06, 2010 (boomark / email).

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