Securities regulators allege fraud in sale of Aerokinetic stock

Securities regulators allege fraud in sale of Aerokinetic stock - Triangle Business Journal:

Aerokinetic, based in Sarasota, claims to be in the business of researching, developing and marketing alternative power technologies and other innovative products, the SEC complaint says. The company and Bridwell claimed to have developed a power generation station that is capable of creating electrical energy at a fraction of the cost of conventional or nuclear means and to have developed an electric car that has attracted the interest of prominent individuals such as Lee Iacocca, Brad Pitt, Arnold Schwarzenegger and Al Gore, the complaint says.

The defendants also told investors and potential investors that they project millions of dollars in sales within the first years of operation and billions of dollars thereafter, according to the complaint.

The SEC said the claims are patently false and that Aerokinetic has no patients, license agreements, contracts, suppliers, customers, sales, revenue or market share.