US SEC charges AEHI with fraud in bogus nuclear plant project (xpost from LBN)

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US SEC charges AEHI with fraud in bogus nuclear plant project

Source: Platts

The US Securities and Exchange Commission Thursday charged Alternate Energy Holdings, with fraud, labeling a plan to build a greenfield nuclear plant in Idaho "a scheme to personally enrich the CEO at the expense of investors."

The SEC filed its complaint in US District Court of Idaho two days after suspending trading of AEHI shares, which are quoted on the OTC Bulletin Board and on the Pink Sheets under the ticker symbol AEHI.

The SEC said Tuesday the trading halt was "because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the stock sales of certain AEHI officers, the status and viability of funding to build a nuclear reactor, and executive compensation."

In its filing of charges Thursday, the commission said AEHI President and CEO Donald Gillispie had raised millions of dollars from individual investors in Idaho, elsewhere in the US, and Asia "by making misleading statements about the viability of AEHI, which has no realistic possibility of building a multi-billion-dollar nuclear reactor. AEHI has never had any revenue or product."

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Read more: http://www.platts.com/RSSFeedDetailedNews/RSSFeed/ElectricPower/8315033

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