Some stories are just perfect. As reported by the Washington Free Beacon, this is one of them: “Green Energy Execs Praised by Clinton Foundation Indicted for $54M Ponzi Scheme.”
Executives of a Pennsylvania green energy company singled out for praise by Bill Clinton were arrested on fraud charges on Thursday in connection with an alleged Ponzi scheme.
The individuals are facing charges of wire fraud, securities fraud, and conspiracy over their roles in running a green energy company that authorities say was an elaborate $54 million Ponzi scheme, the Associated Press reported.
The endorsement from the Clinton Foundation was still on the website:
Mantria Corporation commits to help mitigate global warming through the use of its Carbon Fields site, where Mantria will perform trials on their product BioChar, a carbon-negative charcoal, to prove how this product can sequester carbon dioxide, improve soil quality when buried, and reduce emissions in developing countries.
It was all a lie. They told investors they were making profits while they never saw any real earnings. Instead they used later investor money to pay themselves and earlier investors.
A carbon-negative charcoal that can sequester carbon dioxide? Why would anyone believe such a thing is real. It is ridiculous to think that keeping a natural element out of the air that plants need to live (and, therefore, that humans need so that plants can keep putting oxygen in the atmosphere) is desirable.
But much of Green Industry, instead of being a rational investment in the future, is more like a ponzi scheme. It is an unsustainable plan based on false information and mythical assumptions about the future. The entire solar panel industry is going to soon need a bailout because none of it was ever sustainable. Just like Mantria executives used later investors to pay off earlier investors, the entire industry is going to require a bailout from taxpayers.
These executives are charged with a crime for doing what the government does all the time.