SEC charges Thunderbird Power and individuals with defrauding investorsChristian 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.
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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. ■