You may recall that Abound Solar, one of President Obama most favoritest subsidized poster children, declared bankruptcy (not to be confused with electric-car battery maker and Obama-stimulus-recipient A123 Systems that declared bankruptcy just a couple of weeks ago — there are just so many to keep track of) and subsequently became the subject of a criminal investigation. The Denver Post has an update with some details of that developing investigation:
Abound Solar, the defunct solar-panel manufacturer, is under criminal investigation for possible securities fraud, consumer fraud and financial misrepresentation, the Weld County district attorney’s office said Thursday.
Loveland-based Abound closed its Colorado plant in July and filed for Chapter 7 bankruptcy liquidation in a move that left 125 workers without jobs and taxpayers holding the bag for up to $60 million in defaulted loans.
The securities-fraud investigation stems from allegations that “officials at Abound Solar knew products the company was selling were defective, and then asked investors to invest in the company without telling them about the defective products,” the DA’s office said in a news release.
In addition, there are allegations that Abound may’ve knowingly sold defective panels to customers and misled financial institutions when the company was seeking loans… so that’s pretty terrific.
This is the type of thing to which President Obama has so magnanimously made us all an accessory by trying to bolster economic losers and offering them our tax dollars for their doomed venture — even with special government subsidies and fraudulent business practices, the solar manufacturer still couldn’t get off the ground. How is this not more of an embarrassment for the Obama administration? And I quote (h/t David Harsanyi):
Wake up, America — this is the type of thing the President is stumping around the country (well, the swing states, anyway) touting and offering us more of with his bright-and-shiny “new” “plan,” assuring us that this time, it’ll create jobs and economic growth.