kschang
07-13-2013, 11:30 PM
First time I heard of it, but it seems SEC got to it first.
NOTE: Primary discussion is on another one of forums I frequent
Octopus Overlords • View topic - [Investments] Scuderi group - this is bad, right? (http://www.octopusoverlords.com/forum/viewtopic.php?f=5&t=85864)
Scuderi Group claims to have been developing a new type of internal combustion engine ("split cylinder"?) for the past 12 years. However, it seems they've been slapped by the SEC for cheating in various ways, including:
Using company money as personal piggy bank
claiming to be exempt from registration when it wasn't
miscounting number of accredited vs. non-accredited investors (to cheat the exemption)
Asking investors to form "clubs" to invest, further cheating the number of investors
Failure to file proper paperwork with the SEC
failure to provide detailed statement as required to be exempt from filing
I don't know of any sort of engine that requires TWELVE YEARS of developement without a single working sample, just computer simulations thus far. That, and add the unethical behavior of the corporate guys, means this is probably a Ponzi scheme and massive fraud.
NOTE: Primary discussion is on another one of forums I frequent
Octopus Overlords • View topic - [Investments] Scuderi group - this is bad, right? (http://www.octopusoverlords.com/forum/viewtopic.php?f=5&t=85864)
Scuderi Group claims to have been developing a new type of internal combustion engine ("split cylinder"?) for the past 12 years. However, it seems they've been slapped by the SEC for cheating in various ways, including:
Using company money as personal piggy bank
claiming to be exempt from registration when it wasn't
miscounting number of accredited vs. non-accredited investors (to cheat the exemption)
Asking investors to form "clubs" to invest, further cheating the number of investors
Failure to file proper paperwork with the SEC
failure to provide detailed statement as required to be exempt from filing
I don't know of any sort of engine that requires TWELVE YEARS of developement without a single working sample, just computer simulations thus far. That, and add the unethical behavior of the corporate guys, means this is probably a Ponzi scheme and massive fraud.