808 Renewable Energy Corp. and its founder and CEO Patrick Carter Allegedly Misled Investors and Ran a $30 Million Fraud Scheme
808 Renewable Energy Corp. and its CEO and founder Patrick Carter the founder and CEO of 808 Renewable Energy Corp., allegedly operated a fraud scheme using their own investors, according to recent SEC Documents currently under review by attorneys Joe Peiffer and James Booker.
808 Renewable Energy Corp. is a California-based renewable energy company, said SEC Documents note.
The SEC Documents go on to list other individuals in the case including three other firms: 808 Investments LLC, West Coast Commodities LLC, and T.A. Flowers LLC and chief operating officer Peter Kirkbride, sales representatives Martin Kinchloe and Thomas Flowers, according to the aforementioned SEC Documents.
The trouble supposedly kicked off in 2009, and the aforementioned alleged acts of fraud purportedly went on for at least five years, the SEC notes.
In sum, the alleged fraud scheme also allegedly took in over $30 million from hundreds of investors, the SEC Documents further report.
The aforementioned defendants allegedly took actions in order to mislead their own investors, and composed false reports that their funds would be implemented to bring in new equipment and to enlarge the operations of 808 Renewable, the SEC Documents go on to report.
Furthermore, Patrick Carter allegedly made payments costing millions of dollars for so-called “consulting fees” by 808 Investments LLC, the SEC Documents allege.
The Peiffer Wolf Carr & Kane 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 Broadcasted False Announcements that 808 Renewable’s Stock was Going Public on the AMEX, Allegedly Distributed Ponzi-like Payments to Investors, and Also Allegedly Ran off with Investor Funds to Fuel a Life of Luxury
Patrick Carter allegedly broadcasted back in 2013 that the New York Stock Exchange had made the initial provisions for 808 Renewable’s stock to go public on the American Stock Exchange, according to SEC Documents presently being reviewed by attorneys Joe Peiffer and James Booker.
Patrick Carter then allegedly took steps to sell millions of shares to investors, the aforementioned SEC Documents allege.
Patrick Carter also allegedly swindled away millions of dollars in order to fuel his life of luxury.
Patrick Carter also allegedly took client funds to pay sales representatives and to pay investors with Ponzi-like pay-outs, according to SEC Documents.
Carter, 808 Renewable, Kirkbride, Kinchloe, Flowers, 808 Investments, LLC, West Coast Commodities LLC and T.A. Flowers LLC are also allegedly facing federal antifraud laws and related SEC rules, SEC Documents note.
As they were selling shares of 808 Renewable, the aforementioned defendants allegedly made representations to investors and potential investors that the company was engaged in the renewable and efficient energy business, according to the SEC.
The aforementioned defendants, together with efforts to raise money, allegedly circulated private placement memoranda, or so-called PPMs, according to recent SEC Documents currently under review by attorneys Joe Peiffer and James Booker.
Furthermore, said defendants allegedly made oral statements representing that investor funds would be used to haul in new equipment, to enlarge 808 Renewable’s business, and for other business-related expenditures, the SEC reports.
In addition, according to SEC Documents, some of the defendants represented that 808 Renewable was easily bringing in sufficient cash flow that would be used to pay monthly or quarterly dividends to investors.
The defendants also allegedly made representations 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.
What is more, the SEC is also purportedly going after 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 Wolf Carr & Kane 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 Wolf Carr & Kane, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 504-523-2464 or via e-mail at [email protected] or [email protected].