NY-AG v. Kean Wind Turbines, Inc.

Kean Wind Turbines, Inc. and Stimm allegedly committed fraud against Western New Yorkers by marketing unregistered securities and diverting investor monies to pay for Stimm’s personal expenses, including the payment of a penthouse apartment and a personal assistant, among other items. According to NY-AG, Stimm raised more than $3.5 million from 435 investors in Western New York through years of sales and false and misleading statements. Kean Wind allegedly assured investors that their money had ‘[v]irtually zero risk with an incredible potential yearly return for 17 years’ and that his never-produced invention would be 50 to 100 times more efficient than existing wind turbines. Stimm and Kean Wind are accused of violating New York State’s Martin Act and Executive Law 63(12).

Summary generated from official New York Attorney General press release