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SEC: AEHI execs used company as ‘personal piggy bank’

Securities regulators say court-ordered discovery into a small would-be Idaho nuclear plant developer’s activities strengthen their claims that its executives treated the company “as their own personal piggy bank.”

Securities and Exchange Commission lawyers filed documents about Alternate Energy Holdings on Jan. 28 in U.S. District Court, seeking to keep executives’ assets frozen, according to the Associated Press.

SEC lawyers wrote that Chief Executive Officer Don Gillispie and Vice President Jennifer Ransom schemed to mislead investors and spent $19 million of $26 million “raised from investors, without any explanation of where that money has gone.”

In a Jan. 10 deposition, Gillispie also discussed his marketing efforts for the company in Asia.

Gillispie described how he traveled there with Ransom because people he met with “like a pretty blonde face to look at, so it doesn’t hurt.”

“This latest filing is their rebuttal to the AEHI response,” AEHI spokesman Dan Hamilton told the Idaho Business Review. “We’ve answered every allegation they’ve put up against us.”

An attorney for Eagle-based Alternate Energy Holdings said SEC allegations against the company that claim it manipulated stock prices are “blatantly false.”

Richard Roth said court documents filed Jan. 14 prove that all SEC allegations, including claims that AEHI was involved in a “pumping and dumping” scheme with company stock, are incorrect.

A hearing for the SEC ruling has been scheduled for Feb. 3.



About The Associated Press

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