You want to invest your money into clean energy, doesn’t that sound like the right thing to do? You’re going to save the world, you’re going to invest in green energy, wind energy, hydrogen, you’re going to give your money to a con man.
“We issued a investment alert about oil and gas, alternative fuel scam this summer…”, said Matt Kitzi, The Missouri Commissioner of Securities.
The rush to the green energy alternative has created the ocean of opportunity for con artists. That means more sharks and scam artists showing up looking for ways to get some quick bucks. These con artists will prey on the fears of the public.
In Iowa, a company call Genesis World Energy claim to have invented a breakthrough technology battery generator that can power a household for 20 years on the bathtub size water.
Investors were lining up to write checks for the founder Patrick T. Kelly, whom later were charged with fraud. The so-called Edison Device turned out to be similar to the hobby kit sold in DIY stores.
Around the country dozens of miracle energy schemes popping up claiming to have some sort of hydrogen breakthrough but real scientists know, it is just not that simple to do.
There will be many people doing false advertising saying they have come up with these solutions.
If parting a hydrogen atom from an oxygen atom remain difficult, parting a fool from his money is still surprisingly easy.
In Missouri, investors pour in over $100,000 into a startup company claimed to be on the verge to produce a car that can run on tap water. You would think the story would have a happy conclusion. Matt Kitzi from the Missouri Commissioner of Securities were able to shut the company down and get all the investors their money back, but some of them did not want to be rescued. They truly believe in the car that runs on pure tap water.
Matt Kitzi said their reaction for not wanting to take the money back was not at all unusual because most of these con artists who are doing these scams happen to be very good sales people.