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November 17, 2016

Posted  January 13, 2017

The SEC filed fraud charges against California-based renewable energy company 808 Renewable Energy Corp., its founder and CEO Patrick Carter, Chief Operating Officer Peter Kirkbride, sales representatives Martin Kinchloe and Thomas Flowers, and affiliated companies 808 Investments LLC, West Coast Commodities LLC, and T.A. Flowers LLC.  The SEC’s complaint alleges that from at least 2009 through 2013, the defendants fraudulently raised more than $30 million from hundreds of investors.  The SEC alleges that the defendants misled investors by falsely claiming that their investment funds would be used to acquire new equipment and expand 808 Renewable.  Instead, Carter paid millions in “consulting fees” to 808 Investments, a company he owned and controlled, and diverted millions more to support his lavish lifestyle, to pay commissions to sales representatives, and to make Ponzi-like payments to investors.  Flowers and T.A. Flowers have offered to pay over $1.5 million to settle the SEC’s action.  SEC

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