News Formal

California man sentenced to over 6 years in prison for $8.7 million cow manure Ponzi scheme, US attorney's office says | CNN Business

  • 📰 CNN
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 95%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

A man from California who ran a multimillion-dollar fraud scheme where he claimed to turn cow manure into green energy has been sentenced to over six years in prison

Ray Brewer, 66, stole over $8.7 million from investors, court records from between March 2014 and December 2019 showed. Brewer’s scam involved convincing investors he could build anaerobic digesters – large machines that create methane through microorganisms breaking down biodegradable material – on dairies in several California and Idaho counties, the US attorney’s office said in a news release. This methane can “then be sold on the open market as green energy,” the release stated.

Wanting to appear as though he had secured revenue streams, Brewer also sent investors forged contracts with multinational companies, authorities said, and showed them fake photos of the digesters under construction. After receiving investors’ funds, authorities said he transferred the money to bank accounts opened in the names of an alias, his relatives and different entities.

 

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

 /  🏆 4. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

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

Workers at major hotels in Southern California set to strike over holiday weekend | CNN BusinessA union representing 15,000 workers at 65 major hotels in Los Angeles and Orange counties are set to go on strike early Saturday in a push for significantly improved wages.
Source: CNN - 🏆 4. / 95 Read more »

Meta releases clues on how AI is used on Facebook and Instagram | CNN BusinessAs demand for greater transparency in artificial intelligence mounts, Meta released tools and information Thursday aimed at helping users understand how AI influences what they see on its apps.
Source: CNN - 🏆 4. / 95 Read more »

Flight problems mostly over — except at United | CNN BusinessThe problems with flight delays and cancellations that have plagued US travelers this week are mostly over — except at struggling United Airlines.
Source: CNN - 🏆 4. / 95 Read more »

US economic growth expanded much faster in the first quarter than previously estimated | CNN BusinessThe US economy expanded at a much faster pace in the first three months of the year than previously estimated, the Commerce Department reported on Thursday.
Source: CNN - 🏆 4. / 95 Read more »