The Securities and Exchange Commission announced last month that it was charging several executives of a Southern California renewable energy company with securities fraud. Patrick Carter, President and CEO of 808 Renewable Energy, Peter Kirkbride, 808’s Chief Operating Officer and the company’s sales representatives Thomas Flowers and Martin Kinchloe. Three other subsidiary companies are also named in the SEC’s complaint.
According to the SEC, the men misled investors by claiming that their funds would be used to purchase new equipment for the companies. Instead, the money was funneled through the subsidiary companies, diverted for their own personal use, used to pay sales commissions and to make investment payments owed to other investors. The SEC complaint characterized the arrangement as a Ponzi scheme.
The SEC claims that the men used 808 Renewable Energy Corp., as a front to raise millions in funding from unsuspecting investors. Carter formed the company as early as 2005. In 2010, the State of California Department of Corporations issued a Desist and Refrain order enjoining the company and its subsidiaries from selling its stock in the State of California. In 2009, the company was the subject of a similar action in the State of Texas.
Los Angeles securities fraud attorney
Facing federal charges can be scary. The federal government is well funded, and they rarely bring charges unless they believe they have an excellent chance of winning a conviction. If you’ve been arrested for securities fraud or another serious federal charge, you need the assistance of an experienced securities fraud attorney like Robert Helfend.
Mr. Helfend has practiced criminal defense exclusively for more than 30 years, and takes cases in both federal and state courts. Federal prosecutions are aggressive, and you need a defense attorney who can fight aggressively for you.
Contact Robert Helfend or call toll-free at (800) 834-6434, (310) 456-3317, (818) 591-2809 or (805) 273-5611 for an immediate consultation on your Los Angeles County securities fraud case.