The FBI posted a warning to investors about renewable energy projects with too-good-to-be-true returns and said last month David Lyman Spalding, a Texas businessman, was sentenced to 15 years in prison and ordered to pay more than $3.3 million in restitution to his victims for concocting a fraudulent wind farm scheme. Said the April 4 post:
“In the midst of growing local, national, and international concerns for the environment, wind energy is one of several types of renewable energy technologies being touted as environmentally friendly. Wind energy is known as a clean, sustainable fuel source that is cost effective and widely available domestically.
“So when a Texas businessman solicited investors for his renewable energy company, Wind Plus, Inc.—whose stated business goal was to find and develop land suitable for wind farm construction—he had no problem raising $3.7 million from nearly 100 individuals in 11 states. Unfortunately for the investors, that businessman—David Lyman Spalding—was not exactly environmentally conscious, and he had no intention of following through on his business plan. Instead, he took their money and stuffed the majority of it into his own pockets.”