Green Energy Execs Praised by Clinton Foundation Indicted for $54M Ponzi Scheme

Executives of a Pennsylvania green energy company singled out for praise by Bill Clinton were arrested on fraud charges on Thursday in connection with an alleged Ponzi scheme.

The individuals are facing charges of wire fraud, securities fraud, and conspiracy over their roles in running a green energy company that authorities say was an elaborate $54 million Ponzi scheme, the Associated Press reported.

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.

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. […]

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