Sunday, September 25, 2011

AEHI Back in Federal Court This Week

Posted By on Sun, Sep 25, 2011 at 7:19 AM

The embattled chief of Alternate Energy Holdings, the Eagle-based company hoping to build a nuclear reactor in Payette County, will be back in a federal courtroom Monday facing new charges of fraud.

AEHI CEO Don Gillispie and his former colleague Jennifer Ransom must answer to a 27-page complaint from the Securities and Exchange Commission, alleging among other things that the company defrauded the public through a series of so-called "private placement memoranda," telling investors they should rush to buy stock before a public offering while AEHI was already a publicly traded company, according to the SEC.

AEHI skated away from similar fraud accusations in a federal courtroom last February.

Meanwhile, on June 20, Payette County commissioners voted unanimously to rezone a parcel of property where Gillispie wants to build a $10 billion nuclear reactor.

The SEC says AEHI's Form 10-K for fiscal year 2010 indicated the company had "minimum liquid assets" and "will be reliant upon stock and/or debt offerings to fund any kind of nuclear operations." The SEC alleged AEHI "had spent substantially all the cash it had raised from investors."

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