Right Hooks

Green Gurus Caught in Dirty Ponzi Scheme

Bill Clinton advocated for the defendants in 2009.

Jordan Candler · Sep. 7, 2015

We’re not sure what’s less surprising: That a renewable energy endeavor turned out to be a Ponzi scheme, or that it has ties to the Clintons. The Associated Press reports, “Three people were charged Thursday with running a $54 million Ponzi scheme built on promises of a green energy technology that would turn trash into fuel and ‘carbon-negative’ housing developments, neither of which were ever fully developed, federal prosecutors said. … Prosecutors said the trio lied to investors that their ‘biochar’ technology and ‘carbon-negative’ housing in Tennessee made millions, but they had almost no earnings and used the money to repay earlier investors and for themselves.” According to U.S. Attorney Zane Memeger, “The scheme alleged in this indictment offered investors the best of both worlds — investing in sustainable and clean energy products while also making a profit. Unfortunately for the investors, it was all a hoax and they lost precious savings. These defendants preyed on the emotions of their victims and sold them a scam.” Sounds like the entire Obama climate change charade. The criminal charges come years after a separate civil lawsuit. “The scam allegedly ran from 2005 until 2009, even after the Securities and Exchange Commission filed a civil lawsuit against Wragg and Knorr’s Mantria Corp. They were ordered in 2012 to pay $37 million each,” the AP adds. The kicker? “Two months before the SEC civil lawsuit, the company was publicly recognized for its stated commitment to ‘help mitigate global warming’ by former President Bill Clinton’s Clinton Global Initiative. The company was cited for its plans to develop the biochar technology that it said would sequester carbon dioxide and reduce emissions in developing countries. Wragg appeared on stage with Clinton at the event in September 2009.” Envirofascists slam Big Oil for ostensibly putting profits before principle, yet that’s exactly what happened in this case. And wouldn’t you know it? The defendants are in good company with the Clintons.

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