Texas Man’s Alleged Fake Electricity Tech Scheme Draws SEC Suit

May 3, 2021, 5:31 PM

A Texas man allegedly convinced investors to hand over $17.2 million for a purported wireless electricity transmission technology, then diverted most of the funds for other uses, the SEC told a federal court in the state.

Richard Randall told Wireless Power LLC investors their funds would go toward purchasing equity interests in “purportedly affiliated companies” involved with the new technology, then transferred around $16.6 million to other bank accounts of companies he controlled “almost immediately upon receipt,” the Securities and Exchange Commission told the U.S. District Court for the Northern District of Texas.

Randall worked with an unnamed “recently deceased...

To read the full article log in. To learn more about a subscription click here.