*Alert: Joaquin Alternberg must pay $1.72 million in legal fees for egregious fraud and misrepresentation

Early this year, a Delaware court came to a decision regarding lawsuits brought against Joaquin Altenberg, VERT Solar Finance, and VERT Solar Fund I, LLC, by HOMF II Investment Corp., OBD Partners, LLC, and Brett Jefferson.

The lawsuit detailed a series of investments by HOMF, Jefferson, and another investor, James Murphy, into Altenberg’s business ventures in solar energy.

The plaintiffs alleged that Altenberg fraudulently induced Jefferson and Murphy to invest in VERT Solar Fund, that he committed fraud during the life of VERT Solar Fund, and that he breached his fiduciary duties. They also alleged that VERT Solar Finance breached contractual obligations to VERT Solar Fund.

The court found that the plaintiffs failed to prove fraud, though they proved Altenberg engaged in self-interest actions that were not entirely fair. The court also found that Altenberg breached his duty of loyalty but that further proceedings were necessary to determine a remedy.

Soliciting investments

According to background information in the Memorandum Opinion, Altenberg originally approached the plaintiff, Jefferson, in 2015 about investing $15 million in VERT Solar Finance. Jefferson later convince Murphy to also invest.