And finally… cash cow
A man has been handed a prison sentence exceeding six years for perpetrating a green energy Ponzi scheme, which claimed to transform cow manure into energy, defrauding investors of over $8.7 million (£6.9m).
The six years and nine months sentence for Ray Brewer, 66, of Porterville, and Sheridan, Montana, was announced by the Eastern District of California US attorney’s office this week.
From March 2014 through December 2019, Mr Brewer stole the $8,750,000 from investors by claiming to build anaerobic digesters on dairies in Fresno, Kern, Kings, and Tulare Counties, as well as other counties in California and Idaho.
The methane was purported to be sold on the open market as a renewable energy source.
Investors were lured with promises of tax incentives and a hefty 66% share of net profits. Mr Brewer, playing the part convincingly, offered site visits to dairies where he allegedly intended to install the digesters, and produced forged lease agreements with dairy owners to solidify his claims.
He further duped investors by using altered agreements with banks that made it appear as though he had obtained millions of dollars in loans to build the digesters. He supplemented these illusions with bogus contracts with multinational firms and manipulated images of the supposed digester construction sites.
Upon acquiring investment funds, Mr Brewer funnelled the money into bank accounts opened under false identities, the names of relatives, and various entities.
On occasion, he refunded investors all or some of their money. However, the refunds came from the pockets of other investors who had not authorised Mr Brewer to use their money in this way. When investors realised the fraud and obtained civil judgments against him, he moved to Montana and assumed a new identity.
He fled to Montana, assuming a new identity, when suspicions were aroused. Even at the point of his arrest, Mr Brewer attempted to deceive the authorities, claiming they had detained the wrong man.
He spun tales of military service, recalling how he once saved several soldiers during a fire by blocking the flames with his body so that they could escape. He has since admitted that these were both lies meant to curry favour with law enforcement.
His ill-gotten gains were reportedly spent on property, including two large tracts of land, a luxury 3,700-square-foot residence, and brand-new pickup trucks.