The Securities and Exchange Commission (SEC) filed a lawsuit against Thunderbird Power and three individuals associated with the company for allegedly defrauding investors.
Thunderbird Power is an Arizona-based company claiming that it is developing an energy efficiency wind turbine technology called PowerStack.
Allegations against Thunderbird Power and three individuals
In the complaint, the SEC identified the individual defendants as Richard Hinds, the CEO of Thunderbird; Anthony Goldstei; and John Alexander Van Arem, the company’s former president and consultant, respectively.
The Commission alleged that the defendants defrauded more than $1.9 million from at least 60 investors by offering and selling unregistered shares of Thunderbird stock.
The individual defendants — Hinds, Goldstein, and Van Arem allegedly planned the company’s fraudulent stock offering. They made numerous false and misleading statements in Thunderbird’s press releases and offering materials as well as in a YouTube video regarding the status of its wind turbine technology.
