In the end, they were full of hot air.<\/p>\n
Two Arkansas wind farmers who raised hundreds of thousands of dollars to build a revolutionary turbine that would turn the industry on its head, have been convicted of stealing the cash to buy cars, a house and trips to Disney World DIS, +0.41%. <\/p>\n
Jody Douglas Davis, 46, and Phillip Vincent Ridings, 64, claimed to investors that turbine technology their firm, Dragonfly Industries International, had developed could produce more energy than the traditional three-blade turbines used at most wind farms, prosecutors said.<\/p>\n
They promised that their technology was so cutting edge, that the Department of Defense had expressed interest in acquiring it, that the Department of Energy was preparing to give them a $10 million grant and that several developing nations wanted to build them, federal prosecutors said. No such claims were true.<\/p>\n
To make their case, the men provided doctored reports from nationally recognized engineering firms and the University of Memphis claiming the technology worked, the prosecutors said.<\/p>\n
Between 2014 and 2018, Davis and Ridings along with Davis brother-in-law, Cody Fell, who earlier pleaded guilty convinced dozens of investors to give the $700,000 to build a prototype and create a wind farm in Elm Springs, Ark.<\/p>\n
Prosecutors say the men erroneously claimed the Defense Department wanted to buy their cutting-edge technology. <\/p>\n
But prosecutors say the technology didnt work and the men never tried to build a prototype. Instead, they kept the money for themselves and used it to buy luxury cars, pay for holidays and gym memberships, and for the down payment on a home.<\/p>\n
At trial, several victims revealed they were lured into the scheme through Davis connection to a prison ministry. Davis had previously been convicted of embezzling money from his employers in Oklahoma and served nearly two years in prison.<\/p>\n
Jody Davis was one of our Christian brothers so I never doubted or thought something was being done, testified investor Uchenne Obi, who was earlier incarcerated with Davis and brought others into the turbine scheme, according to the Arkansas Democrat-Gazette.<\/p>\n
Davis and Ridings had argued that they believed their technology worked and were genuinely trying to develop it. A message left with Davis attorney wasn;t immediately returned. Ridings represented himself at trial and couldnt immediately be reached.<\/p>\n
A federal jury in the Western District of Arkansas, took three hours to convict the men on Friday of wire fraud and money laundering.<\/p>\n
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Link:<\/p>\n
Arkansas wind farmers claimed their technology was more efficient than turbines --- then spent investors' money on houses, cars and at Disney World -...<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" In the end, they were full of hot air. Two Arkansas wind farmers who raised hundreds of thousands of dollars to build a revolutionary turbine that would turn the industry on its head, have been convicted of stealing the cash to buy cars, a house and trips to Disney World DIS, +0.41%. Continue reading