About $2.4 million of investors’ money has allegedly been spent on yachts, cosmetic surgery, clothes - and thousands of dollars worth of “vaping products”...
The revolutionary “Nanopanel” sounds like a world-changing invention to warm Greta Thunberg’s heart. Nanotech Engineering of Irvine, Calif. says its “last generation solar panel” is “a lightweight, stronger than steel yet flexible Solar Panel that is more than three times more efficient than traditional solar.
In total the SEC says the scam operated for more than three years, allegedly raising $9.4 million from more than 100 investors in 25 different states. “From August 14, 2017 to the present, Nanotech has had no discernable [sic] source of income or revenue,” the SEC says.The company’s website was still in operation as of Wednesday afternoon. It purports to show the company’s headquarters in Irvine, Calif.
Nanotech’s chief financial officer, “Michael Hatton,” is allegedly the alias of convicted felon Michael James Sweaney, says the SEC. In 1998 he pleaded guilty to one count of securities fraud in Nevada and was sentenced to a 12-to-32-month suspended prison sentence, suspended in favor of two years of probation. He also had to pay restitution to 10 investors. He also has multiple civil judgments against him, including one for $46,000 in state taxes that remain unpaid from 2008, the SEC said.
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