WASHINGTON (Sputnik) — A company in the US state of California and two executives have been cited for using baseless financial projections in a plan to manufacture environmentally friendly building materials, the Securities and Exchange Commission (SEC) said in a press release.
"The SEC alleges that Enviro Board Corporation and its co-chairmen-CEOs Glenn Camp and William Peiffer raised approximately $6 million from investors during a four-year period by using documents predicting company earnings ranging from $18 million to $95 million per year," the release stated on Friday.
The SEC complaint also charged that Camp, Peiffer and their primary salesman, Joshua Mosshart, paid themselves $2.6 million from investor funds.
Enviro Board claimed its green materials had already been used in residential and commercial construction projects, yet the company has never developed a commercially viable mill to manufacture its products, the release noted.
