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SEC charges Thunderbird Power and individuals with defrauding investors

Christian Fernsby ▼ | July 15, 2020
The Securities and Exchange Commission announced charges against Thunderbird Power Corp., an Arizona based company claiming to be developing a wind turbine technology, and three individuals for defrauding investors out of more than $1.9 million in the unregistered offer and sale of Thunderbird stock.
Thunderbird Power
SEC   Thunderbird Power
According to the SEC’s complaint, Thunderbird’s CEO Richard Hinds (of Arizona), former Thunderbird president Anthony Goldstein (of Canada), and consultant John Alexander “Lex” van Arem (of Canada) orchestrated the fraudulent offering and were responsible for numerous false and misleading statements in offering materials, press releases, and a YouTube video regarding the status of the wind turbine technology, purported validation of the technology by a nationally known firm, and Thunderbird’s use of investor proceeds.

Topics: SEC Thunderbird Power

The complaint further alleges that Goldstein and van Arem retained a national network of sales agents to email and cold call prospective investors using the false claims.

According to the complaint, Hinds, Goldstein, and van Arem misappropriated nearly $850,000, representing more than 40 percent of investor funds, to enrich themselves and pay the sales agents to seek out more unsuspecting investors.

The SEC’s complaint, filed in federal court in the Southern District of Florida, charges Thunderbird, Hinds, Goldstein, and van Arem with violating the securities registration, broker-dealer registration, and antifraud provisions of the federal securities laws. The SEC seeks permanent injunctive relief, disgorgement with prejudgment interest, civil penalties, and penny stock bars, and also seeks officer and director bars against Hinds and Goldstein.


 

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