Three Charged in Alternative Energy Holdings Scheme

By June 10, 2021 Investment Fraud

Three men were recently indicted in connection with a $2 million investment fraud scheme relating to a company called Alternative Energy Holdings, LLC.

Kevin Carney, 59, of Euclid, Ohio; Jonathan Freeze, 62, formerly of Pittsburgh, Penn.; and Robert Irey, 59, of Clarksville, Penn., were charged with wire fraud and conspiracy to commit mail fraud and wire fraud.

According to a news release from the Department of Justice:

“[T]he defendants offered victims an opportunity to loan funds to their company, Alternative Energy Holdings, LLC, on a short-term basis and at a high rate of return. The defendants falsely represented that the funds would be used for expenses associated with building a plant that would be capable of turning certain types of waste into energy. The defendants, however, used the majority of the funds for their own personal use and enjoyment. Approximately 22 victims lent approximately $2,017,228.44 to the defendants, but only $63,000 was repaid. The repayments, however, were made using other victims’ loan proceeds.”

If you have suffered losses in an investment scheme, Fishman Haygood’s Securities Lawyers may be able to help. Contact us for a free evaluation of your potential claims.