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Blowing in the Wind: Alleged Fraudster Promises Innovative Wind Turbine Development to Bilk Investors

  • New York AG Letitia James sued and obtained a temporary restraining order against green energy company Kean Wind Turbines, Inc. and its founder Kean Stimm (collectively “Kean Wind”), for allegedly committing fraud by falsely marketing unregistered securities in violation of New York’s Martin Act and Executive Law 63(12).
  • The complaint alleges that Kean Wind raised more than $3.5 million from environmentally-conscious investors by falsely promising to use the funds to develop and produce a revolutionary wind turbine. In reality, Kean Wind allegedly did not develop any wind turbines and instead diverted investor money to fund Stimm’s lifestyle, including payments for an apartment, a personal aide, and a cruise. The complaint seeks injunctive relief, damages, disgorgement, restitution, and rescission, among other things.
  • According to the AG’s office, the temporary restraining order bars Kean Wind from selling or marketing securities and from dissipating investor assets.