Anatomy Of A $46 Million Renewable Energy Swindle

or ROI as it called itself, launched in 2022 with some big promises. The renewables development firm claimed that its “proprietary process and technology” put it in position “to assume the leading role in Green Hydrogen production.” The company said it was building a green hydrogen plant in Arizona that would be worth about $530 million within 5 years, according to marketing materials it shared with investors.

Croft and Frost face a barrage of lawsuits. In addition to the Illinois lawsuit, investors brought a class action complaint earlier this month in federal court, which contained many of the same fraud allegations. In Arizona, a man sued Croft and Frost, alleging he had been “swindled, due to misleading and false representations.” In New York, hard-money lenders filed lawsuits to get back millions of dollars that Croft and Frost allegedly borrowed in the form of short-term, high interest loans.

Posted on July 13, 2023 by Paul Croft. Caption:"Never forget that 5 years ago you wished for this & all the sacrifices you made along the way. 🦏"Frost could be persuasive. Darian Woolbright, a single mom and real estate broker in Oklahoma, met him through a financial coach in 2021, and he convinced her to invest over $330,000, all her savings, into ROI.

Solarcode and the Well Fund were preludes to Croft and Frost’s bigger scheme: Rhino Onward International LLC, which they incorporated in early 2022. “Out of nowhere, this renewable company was pulled out of thin air one day,” recalls Bivans, the Croft & Frost director. “They started saying employees had the opportunity to invest.”

In April 2023, Frost encouraged ROI’s investors to put in more money during an investor videoconference . “We're going to ask you to consider whatever amount you've invested, to invest another 10 to 20% of that amount,” said Frost, who claimed that ROI needed the money to complete its Series B investment round. “We will also have our Series C and Series D funds open up once we start construction, so that gives you the opportunity to roll your investment again,” he added.

Source: News Formal (newsformal.com)

ROI Paul Croft J.D. Frost Robin Lehner Tuftco Daily Ledger Croft & Frost Lawsuits Chattanooga

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