at the Citizen Power Alliance 2010 Wind Conference
RENEWED ENERGY: Outlook Sunny For Securities Fraud As Well
|WASHINGTON (Dow Jones)--For unscrupulous stock promoters, the ascent of clean and renewable forms of energy opens a window for investment scams. |
U.S. securities regulators are beginning to look at companies engaged in renewable energy, which involves generating electricity or producing fuels from sources such as the sun, the wind or switchgrass. As record-high prices for fossil fuels such as crude oil force the U.S. to rethink its reliance on traditional energy, alternative sources are getting promoted as a solution - with possible risks for investors.
"The fraudsters follow the headlines, so they would be greatly remiss if they didn't package their frauds to follow the interest in renewable energy," said Denise Voigt Crawford, the Texas securities commissioner. "I am certain that, unfortunately, we're going to see new frauds that focus on these types of energy pitches."
Crawford said that her office already has some investigations under way.
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