Thursday, July 14, 2011

SEC Files New Charges Against Nuke Plant Developer

Posted By on Thu, Jul 14, 2011 at 5:19 PM

The Securities and Exchange Commission has filed new charges against Alternate Energy Holdings Inc., the company's CEO Don Gillespie, and Jennifer Ransom, who recently resigned her position as president of Energy Neutral, an AEHI subsidiary.

In a 57-page complaint filed July 7, the SEC alleges that among a long list of possible violations, AEHI—which hopes to build a nuclear power plant in Payette County—misled foreign investors, grossly understated Gillispie's compensation, and issued approximately 120 million shares of common stock and neglected to report those transactions to the SEC. In the complaint, the commission asks that the court enter an order barring Gillispie from serving as an officer or director of any public company, stopping Gillispie and Ransom from offering stock, and freezing the assets of AEHI, Gillispie and Ransom.

In December 2010, the SEC asked that AEHI's assets be frozen because of allegations of fraud. After lengthy closed-door negotiations during a federal court hearing in February, U.S. Judge Edward Lodge lifted the freeze, and Ransom told Boise Weekly she was "thrilled" with the decision and ready to get back to work. At the time, SEC attorney Mark Fickes confirmed that the case was still open. News of Ransom's resignation from Energy Neutral broke in late June.

Read the most recent complaint in full here. And continue to check Citydesk for updates, as well as a reaction from AEHI.

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