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