At trial, the court found, “the plaintiffs proved they suffered damages as a result of relying on Altenberg’s false representations.”
The court found that Altenberg and Vert Solar Finance fraudulently induced Home II Investment, OBD Partners and Jefferson to invest in a string of projects backed by Vert Solar Fund I and managed through Vert Solar Finance.
In his opinion after proceedings that included a three-day trial in September 2019, the vice chancellor wrote that Altenberg misled the investors about, among other facts, the flow of funds into Vert Solar Finance and the source of development fees for multiple solar project investments.
“The record contains over 1,500 exhibits and many pages of testimony. Having reviewed it in detail, and having evaluated Altenberg’s demeanor at trial, I have concluded that Altenberg was not a credible witness, nor was he a candid business partner,” the vice chancellor wrote.
The USA Herald had previously reported that Alison Altenberg, the daughter of Leonard Weisman, was also sued for fraud.
