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?

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.