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Resource ID: #27506
Subject: Fraud
Source: Greenwire, E&E Publishing
Affiliation: 
Date: 10/18/2010, 10/27/2010, 11/18/2010

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Description

A $2.5 million prize from the prestigious taxpayer-backed X Prize competition wound up rewarding a troubled company that's been accused of running penny-stock scams. A two-month Greenwire investigation uncovered a cascade of suspicious transactions and dubious claims by Li-Ion Motors Corporation Court documents, interviews and the company's own filings with the Securities and Exchange Commission found that the company has plowed through $50 million in investors' money with little to show for it other than millions of dollars of debt, a $250,000 IRS lien, angry customers and allegations that it was involved in "pump and dump" stock schemes.

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