Former Democratic National Committee Chairman Terry McAuliffe hopes to be the next governor of Virginia, but first, he may have to contend with a Securities and Exchange Commission probe into GreenTech Automotive, a startup electric car company he co-founded and previously ran.
According to the Washington Post, GreenTech is under investigation for its conduct in soliciting foreign investors, particularly on alleged claims that it “guaranteed returns” on investments. The full depth of the SEC probe is not yet known.
GreenTech sought those investors through its “sister company”, Gulf Coast Funds Management, which helped issue special visas under a Dept. of Homeland Security program to foreigners provided they contribute at least $500,000 to create U.S. jobs in struggling areas.
That company has also drawn SEC scrutiny over claims that it duped these investors while taking their money and “selling visas.” Adding to the drama is the fact that Gulf Coast is run by Anthony Rodham, brother of Hilary Rodham Clinton, as well as McAuliffe’s own political connections.
Back to GreenTech, for now. McAuliffe launched the company after losing the Virginia governor’s race in 2009 to try and bolster his job creator credentials. GreenTech was originally a Chinese corporation that McAuliffe and his partners purchased.
via VA Governor Candidate’s Green Car Company In Messy Political Scandal.
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