BUST BILLION EURO 'ENVIRONMENTAL' INVESTMENT 'LITTLE BETTER THAN PONZI SCHEME'
by M.E. SYNON 25 Jul 2014 A German company promising "ethical" investments in renewable energy has been exposed as little better than a Ponzi scheme, leaving thousands of private investors struggling to salvage something from the €371m (£294m) they claim they are due.
The insolvency administrator says the company’s files have revealed evidence of fraud.
Prokon, a renewable energy developer and wind farm operator, had raised nearly €1.4bn by selling profit participation certificates to small investors. It filed for insolvency in January after panicked investors withdrew their cash because of concerns over liquidity.
