Well, yesterday, The Denver Post detailed the criminal investigation of Abound Solar, a defunct solar-panel manufacturer in Colorado that was run on taxpayer “investments,” for securities fraud, consumer fraud and financial misrepresentation.
Abound shuttered its Colorado plant during the summer and filed for bankruptcy, leaving “125 workers without jobs and taxpayers holding the bag for up to $60 million in defaulted loans.” (Human Events senior reporter Audrey Hudson has already detailed the efforts by the House to investigate the company.) Here’s what Weld County prosecutors are looking into:
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.
[It’s fortunate, in a way, that the President was just blowing smoke with his promise of 1,500 jobs, because that would be another 1,375 people on the unemployment line if it had worked out. – Ed.]