Suit Accuses Payette County of Assisting Alternate Energy Holdings' 'Hair-Brained Schemes'

Posted by George Prentice on Tue, Apr 17, 2012 at 9:03 AM

A new lawsuit against Alternate Energy Holdings - the Eagle-based company that promises to build a nuclear reactor in Payette County - has named Payette County as a co-defendant.

"Payette County's material assistance to AEHI's stock fraud scheme is a violation of Idaho Law and Public Policy," said a statement from a group of property owners who are plaintiffs in the suit. "The decisions made and actions taken by Payette County were the only validation of AEHI, a company with no assets, no customers, no revenues from any viable business, and no record of success on any of its hair-brained schemes."

The suit does not seek any damages but calls for a rescission of all decisions and actions taken by Payette County regarding AEHI, including rezoning and variances. You can read the full complaint here: AEHI_complaint.pdf.

AEHI and its CEO, Don Gillispie, recently settled with a group of its disgruntled shareholders, who had accused the company of misleading investors and grossly understating Gillispie's compensation. Gillispie must make a payment of $450,000 to those complainants by June 30 or face a $2 million federal penalty judgment.

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To be clear about this - investors were mislead - a lot of potential investors weren't. They saw what this was from the start and stayed away.

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Posted by Svetlana on 04/17/2012 at 10:19 AM

Page 43, Para 51 hints at the existence of a criminal investigation. In documents filed June 1 in the SEC case, attorneys in Don Gillispie's deposition also indicate the existence of a criminal investigation, and Don takes the fifth 134 times during the April 27 2012 deposition:…

Posted by HisDudeness on 06/03/2012 at 12:02 PM
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