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Arkansas wind farmers claimed their technology was more efficient than turbines — then spent investors’ money on houses, cars and at Disney World

Ultimately, they had been stuffed with scorching air.

Two Arkansas wind farmers who raised tons of of hundreds of {dollars} to construct a “revolutionary” turbine that might flip the business on its head, have been convicted of stealing the money to purchase vehicles, a home and journeys to Disney World
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Jody Douglas Davis, 46, and Phillip Vincent Ridings, 64, claimed to traders that turbine know-how their agency, Dragonfly Industries Worldwide, had developed might produce extra vitality than the normal three-blade generators used at most wind farms, prosecutors stated.

They promised that their know-how was so innovative, that the Division of Protection had expressed curiosity in buying it, that the Division of Power was getting ready to present them a $10 million grant and that a number of creating nations needed to construct them, federal prosecutors stated. No such claims had been true.

To make their case, the lads offered doctored experiences from nationally acknowledged engineering corporations and the College of Memphis claiming the know-how labored, the prosecutors stated. 

Between 2014 and 2018, Davis and Ridings — together with Davis’ brother-in-law, Cody Fell, who earlier pleaded responsible  — satisfied dozens of traders to present the $700,000 to construct a prototype and create a wind farm in Elm Springs, Ark.

Prosecutors say the lads erroneously claimed the Protection Division needed to purchase their cutting-edge know-how.

However prosecutors say the know-how didn’t work and the lads by no means tried to construct a prototype. As an alternative, they stored the cash for themselves and used it to purchase luxurious vehicles, pay for holidays and fitness center memberships, and for the down fee on a house.

At trial, a number of victims revealed they had been lured into the scheme via Davis’ connection to a jail ministry. Davis had beforehand been convicted of embezzling cash from his employers in Oklahoma and served almost two years in jail.

“Jody Davis was certainly one of our Christian brothers so I by no means doubted or thought one thing was being carried out,” testified investor Uchenne Obi, who was earlier incarcerated with Davis and introduced others into the turbine scheme, according to the Arkansas Democrat-Gazette.

Davis and Ridings had argued that they believed their know-how labored and had been genuinely making an attempt to develop it. A message left with Davis’ lawyer wasn;t instantly returned. Ridings represented himself at trial and couldn’t instantly be reached. 

A federal jury within the Western District of Arkansas, took three hours to convict the lads on Friday of wire fraud and cash laundering. 

https://www.marketwatch.com/story/arkansas-wind-farmers-claimed-their-technology-was-more-efficient-than-turbines-but-they-spent-investors-money-on-houses-cars-and-at-disney-world-11631050243?rss=1&siteid=rss | Arkansas wind farmers claimed their know-how was extra environment friendly than generators — then spent traders’ cash on homes, vehicles and at Disney World

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