SEC wants Idaho nuke developer's assets frozen
BOISE, Idaho (AP) -- Securities and Exchange Commission lawyers want a judge to freeze assets of a would-be Idaho nuclear power developer, saying its founder hid his involvement in sham "get-rich-quick" schemes with the company's dwindling cash.
SEC lawyers told U.S. District Judge Edward Lodge Thursday that Alternate Energy Holdings Inc. Chief Executive Officer Don Gillispie should also be barred from serving as an officer.
In February 2011, Gillispie was ordered by Lodge to provide the SEC with documentation of AEHI expenditures exceeding $2,500 -- in exchange for lifting a previous freeze on the company's money.
In its latest federal filings, the SEC says Gillispie violated Lodge's order by engaging in get-rich-quick schemes involving at least $2 million without properly reporting the transactions.
The SEC argues Gillispie duped investors into buying his company's stock.