Major Green Energy Company Facing Criminal Fraud Investigation
Like Solyndra, Abound Solar Energy was one of Obama's 'favorite' green energy companies-now they're under criminal scrutiny.The Denver Post and the website Human Events have been following the demise of Colorado based Abound Solar. The firm received hundreds of millions of dollars in stimulus money, and was repeatedly used as an example by the Obama Administration of how thousands of permanent jobs would be created by the solar panel industry.
In 2009, the CEO of the firm was invited to the White House to help kick off the 787 billion dollar stimulus, and in 2010, Abound received a guaranteed 400 million dollar loan. However, this summer the firm, based in Weld County Colorado shut down and closed it's plant, 125 workers lost their jobs, and taxpayers are on the hook for 60 million dollars worth of defaulted government loans.
In any other era, the company leadership would probably be in jail. But nothing was done Federally. But locally, especially due to the economic impact, Weld County's District Attorney began a criminal investigation into Abound. According to Human Events, the investigation centers around the following:
"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."
Questions had begun to surface well over a year and half ago about issues with the Abound Solar panels. The panels, after prolonged exposure to the sun, reportedly began to lose their ability to hold energy, much like a battery holds a charge.
As proof of Obama's dream of green energy, he pumped up the company during a 2010 address, claiming thousands of new jobs. What he claimed, and what has actually happened, are far different. Just like his other 'pet' green energy company Solyndra, Abound has become a testament to failure.