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US Solar fraud investigation

US Solar Fund

US Solar fraud investigation – The board of US Solar Fund found out yesterday that its investment manager, New Energy Solar Manager, has been the victim of a fraud in relation to contracted construction payments totalling $6.9 million. The payments were made from the US bank account of a USF project company to a third party US bank account.

The board and the manager immediately launched an investigation and are working with the relevant US authorities, account banks, the construction counterparty, and insurers.

$3.6m of the $6.9m in contracted construction payments, that are the subject of an ongoing payment fraud investigation, has since been recovered. .

USF : US Solar fraud investigation

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