Eagle-based Alternate Energy Holdings can resume business operations after a federal judge released the company’s assets.
On Feb. 3, U.S. District Court Judge Edward Lodge ruled while the freeze is lifted, AEHI must report any monthly expenditures over $2,500 to the SEC. While it doesn’t clear ongoing lawsuits, it allows the nuclear development company’s operations to continue.
AEHI Attorney Richard Roth said he addressed the court for nearly an hour and a half, answering questions about the company, its structure, and its management organization. The SEC responded for about half an hour during the multi-hour hearing, Roth said.
“The news is that the judge has lifted the stay on Don Gillispie, on AEHI, on Ms. Ransom, on all the employees,” Roth said.
In December, the SEC charged AEHI and Gillispie, CEO, and senior vice president Jennifer Ransom with fraudulently raising money to build a $10 billion nuclear power plant in Payette County.
The regulator alleged the company was involved in a scheme to enrich its chief executive at the expense of investors. The SEC said AEHI manipulated its stock price through misleading public statements that hid the profits by Gillispie and Ransom.