SEC Claims Biofuel Company a Fraud
Is there anything more in the public consciousness than the price of gas? Scam artists know that and are busy crafting bogus companies to take advantage of the public’s demand that America find an alternative to foreign oil. The SEC claims that it has caught one such company, charging U. S. Sustainable Energy Corp. (USSE) and John H. Rivera (Rivera), with issuing false press releases regarding USSE’s supposed ability to make fuel from soy beans. According to the SEC:
USSE and Rivera made material misrepresentations by claiming that USSE owned patents or pending patents; that USSE’s cost to produce biofuel was $0.50 per gallon; that USSE had contracts for the sale of its product; that USSE had a fully operational plant; and that USSE’s technology, when combined with the technology of another company with which it had agreed to merge, had an immediate market value of between 9 and 12 billion dollars. The complaint also alleges that after the press releases and false statements were issued, Price, who resided with Rivera at the time, sold USSE stock at artificially inflated prices, thereby profiting at least $721,000.
Investor’s Watchblog has posted warnings about energy scams. They will continue to be thicker than bugs on a bumper as long as the price of gas remains in the news. How can you tell whether an energy company is legitimate or a scam? Ask someone who is in the business of telling the difference. Your nest egg is at risk. Get the opinion of someone who is in the business of protecting it.
