Attorney General James Blocks Fraudster 'Green' Inventor from Using Investor Funds as Personal Piggy Bank During Coronavirus Pandemic

Posted to Applied Web NY on Mon, 04/27/2020 - 18:11

NEW YORK – New York Attorney General Letitia James today secured an important victory for environmentally-conscious “green” investors in Upstate New York by obtaining an order that blocks a Western New York company and its founder from offering and selling unregistered securities and from using investor funds to subsidize the founder’s lifestyle. The Office of the Attorney General (OAG) today sought and obtained a temporary restraining order by the Erie County State Supreme Court against Kean Wind Turbines, Inc. and its founder, Kean Stimm — blocking both from continuing to commit fraud against Western New Yorkers by marketing unregistered securities and diverting investor monies to pay for Stimm’s personal expenses, including the payment of a penthouse apartment and a personal assistant, among other items. After the OAG opened up an investigation into Kean Wind, Stimm and his company made assurances that they would no longer seek investments and would stop using investor money for personal expenses, but still continued to do so, even as the coronavirus disease 2019 (COVID-19) public health crisis spread across the nation and many New Yorkers were left struggling financially.

Bulletin assigned to:

Sections
Channels