Affordable Wind Turbines

Affordable Wind Turbines » Affordable Wind Turbines Blog

By: john heath | July 19, 2020

 A promotional video purporting to show the manufacture of cutting edge wind farm technology was used by two Canadians and an American to mislead investors, U.S. authorities allege.
A promotional video purporting to show the manufacture of cutting edge wind farm technology was used by two Canadians and an American to mislead investors, U.S. authorities allege.

Two Canadians claiming to have developed unprecedented utility-grade wind farm turbines told investors their technology was so hot their company could be the next Google, Amazon or Facebook.

There was a lot of wind behind their turbines, but not in a good way. Their claims were false and the men, including the company’s Toronto-area president, were siphoning off investor funds to enrich themselves, U.S. authorities allege.

The snappy slogan of Thunderbird Power is: “For us, Power is a Breeze.”

Such conceit is easy if, as U.S. federal authorities allege, there is no need to have a successful product before making out-sized claims and selling investments in it.

One Thunderbird promotional video shows a piece of a metal fan being examined in a fabricating workshop.

“I think they look incredible. Like, my instinct says that it just works super awesome,” a voice says as the fan is fawned over.

Not to say there aren’t innovative ideas in the plans, but a wary observer might ask why there is only a single fan in a large factory that is building other things. Or why so many involved in examining the turbine are wearing dark sunglasses in an indoor factory. Or why such qualifying words like “my instinct says” are included in a sales pitch.

The U.S. Securities and Exchange Commission asked a lot of questions too, and, as an answer, filed charges against Thunderbird Power Corp., an Arizona-based company, and three officials for allegedly defrauding investors.

Thunderbird’s president, Anthony Goldstein, of Pickering, just east of Toronto, and John Alexander van Arem, 62, who goes by the first name “Lex” and lives in Toronto, listed as a consultant, were charged together with Thunderbird’s CEO, Richard Hinds, 67, of Arizona.

There was no basis in fact for Thunderbird and its officers to make any claims

Goldstein’s age is not given in the SEC’s documents filed in court.

His LinkedIn page says he attended York University from 1987 to 1991 in an undergraduate Political Science degree program after graduating high school in Toronto at Forest Hill Collegiate Institute. He has been president of Thunderbird since May 2015, it says.

The three men “orchestrated” a fraud through bogus claims and misleading statements in investment packages, press releases and promotional materials, the SEC alleged.

Thunderbird claimed to have developed the world’s most energy-efficient power generating technology, a special wind turbine called “the PowerStack.”

The scientist who thought up the PowerStack idea previously worked with Goldstein and van Arem at another company and introduced them to Hinds, court documents say.

The two Canadians then retained, supervised and paid a nationwide network of sales agents to email and cold-call prospective investors using false claims to elicit investments, the SEC alleged.

They pushed an enticing but false narrative of the company’s technology, success and financial potential, authorities said.

They boasted that, like with early investors in tech giants Amazon, Google and Facebook, who made enormous profit, investing in Thunderbird had a “virtually limitless potential.”

Among the claims the SEC said are false or misleading is that Siemens, a huge, internationally known engineering company, had “confirmed that the PowerStack extracts more kinetic energy from wind than any other wind turbine technology on the market.”

A press release issued in 2018 boasts that Siemans confirmed “the PowerStack Wind turbine is the most efficient and cost efficient wind turbine technology on the market and will produce electricity at a tiny fraction of the cost of any other method, renewable or fossil.”

A year before, a press released claimed it was “the world’s most economical means of generating utility-grade electricity.”

Press releases, YouTube videos, a company web site, Facebook and LinkedIn posts all pumped bogus claims, the SEC alleged.

Siemens, in fact, had not laid eyes on a PowerStack turbine let alone tested one; the company only did number crunching of conceptual data Thunderbird gave it, according to the SEC.

There wasn’t even a turbine to test at the time, as the press releases were issued before work to build a turbine had even begun.

“Without even a prototype wind turbine constructed, and without any physical testing on an actual product, there was no basis in fact for Thunderbird and its officers to make any claims about the operation, production cost and efficiency of any wind turbine,” the SEC documents say.

By October 2018, the company had raised almost US$2 million from at least 60 investors.

About a third of investors’ money was used to pay commissions to Goldstein, van Arem, and a large network of sales agents; van Arem was to receive 50 per cent of proceeds for his services, the complaint says.

According to the complaint, Hinds, Goldstein, and van Arem misappropriated nearly US$850,000 — more than 40 per cent of investor funds — to enrich themselves and pay the sales agents to seek out more unsuspecting investors.

The investment activity spanned at least from August 2016 through to October 2018, the SEC said.

A message left at Thunderbird’s phone number, on which a recorded message said calls were returned within one hour during the business day, was not returned prior to publication. An email to the company’s email address was returned as undeliverable.

The SEC’s complaint, filed in federal court in the Southern District of Florida, charges Thunderbird, Hinds and Goldstein under the Securities Act rather than criminally.

The SEC seeks the return of “ill-gotten gains,” with interest, and the payment of unspecified civil penalties.

The SEC also wants Hinds and Goldstein banned from being an officer or director of any public company and all three, including van Arem, banned from participating in future offering of penny stock.

The allegations have not been proven in court.


Comments:

Be the first to comment ...

Post a Comment

Tags

wind turbine solar panels portable wind turbine portable solar panel solar panels wind tur bines Affordable Wind Turbines affordable wind turbines wind power wind mill wind systems solar systems plug and play wind power plug and play solar power wind turbine plugs into wall outlet solar panel plugs into wall outlet

affordable wind turbines youtube

Affordable Wind Turbines

Solar Panel

wind turbine

Affordable Vertical axis wind turbines

vawt

home turbine

plug and play wind power

Portable Wind Turbine kit

grid tie

Vertical Axis Wind Turbines

How A wind turbine is made

The making of a wind turbine

The Glaring Engineering Mistake That Made Wind Turbines

How do Wind Turbines work

Icewind

BloombergHelloWorld

Vortex Bladeless

Busted

1 kw portable wind turbine with emergency power and it plugs into wall outlet grid tied

Warranty

Insurance and Maintenance for Wind Turbines

The Impact of the Coronavirus on the Renewable Energy Industry covid-19

Coronavirus continues to impact the wind energy sector

Amid disruptions from the coronavirus

wind turbine giant Vestas suspends guidance for 2020

As Wind Power in the US Gains Traction

the Coronavirus is Complicating Matters

The US wind industry installed over 1

800 megawatts in first quarter

but the coronavirus remains a risk

WIND POWERS AMERICA

Coronavirus Unnerves US Wind Market During Record Year for Construction

Affordable Wind Turbines Saves on utility Rates

Affordable Wind Turbines World could heat up nearly 3 degrees by 2024

UN warns

COVID-19 is changing the way residents use power

As temperatures rise and COVID lingers

US residents face increased risk of blackouts Experts

Canadians claiming new high-tech wind turbines as world s most energy-efficient power source charged with fraud in U S

U S Offshore Wind Power Blown on Course

Wind turbines could be the electric cars of grid services

New study explores hidden benefits of supersized wind turbines

New Turbines Go Online

Tripling Northern Colorado’s Wind Power

New system uses wind turbines to defend the US national grid from power cuts

Vertical Axis Wind Turbine Market to Witness an Outstanding Growth by 2024

Vertical-axis Wind Turbines Market Research 2020 by Industry Growth

Business Opportunities

Top Manufacture

Industry Share Report

Size

Regional Analysis and Global Forecast to 2026

Portable Wind Turbine Market Outlook 2020-2026

UT Dallas Gets USD 3 3 Million for Vertical Axis Floating Wind Turbine

Vertical axis wind turbines can offer cheaper electricity for urban and suburban areas

Shell and Eneco’s offshore wind farm to include floating solar and hydrogen production

Affordable wind turbines has a similar concept it tried to get funding for years ago but couldn t it would have used Vertical axis wind turbines with hydrogen production

6 Best Home Wind Turbines 2020 Reviews WINDMILL

https www renewableresourcescoalition org best-home-wind-turbines

AFFORDABLE WIND TURBINES

affordable wind turbines