Arkansas wind farmers claimed their technology was more efficient than turbines — but they spent investors’ money on houses, cars and at Disney World

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 97%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Prosecutors say the men erroneously claimed the Defense Department wanted to buy the company and used the cash for cars, a house and trips to Disney World.

Two Arkansas wind farmers who raised hundreds of thousands of dollars to build a “revolutionary” turbine that would turn the industry on its head, have been convicted of stealing the cash to buy cars, a house and trips to Disney World DIS, +1.85%.

To make their case, the men provided doctored reports from nationally recognized engineering firms and the University of Memphis claiming the technology worked, the prosecutors said. But prosecutors say the technology didn’t work and the men never tried to build a prototype. Instead, they kept the money for themselves and used it to buy luxury cars, pay for holidays and gym memberships, and for the down payment on a home.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

good

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Here's Biden's tax plan that corporations like Apple, Disney, and ExxonMobil are scrambling to squash right...Business Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. WHCOS You are the worst and your response on the new variant MU is on you. You are letting Columbian who are not Vax enter the US but you are banning your Allies that are vaccinated from EU/UK. Makes no sense and that new Variant is on your watch! LoveIsNotTourism Fire CDCDirector WHCOS These companies are being disingenuous. Impoverish the citizenry and in time these companies will not have any customers left. RonFilipkowski PoliticsInsider Tax the living shit out of them.
Source: BusinessInsider - 🏆 729. / 51 Read more »

From Avengers To Shang-Chi, What Marvel Studios Is Really Worth To Walt DisneyMarvel has become the beating heart of the world’s biggest entertainment business, its 24 titles collectively grossing $21.9 billion in Disney’s hands, making it bigger than Bond, more potent than Potter and massive compared to The Fast And The Furious. 💫
Source: Forbes - 🏆 394. / 53 Read more »