Tuesday, October 7, 2014

NJ levies extreme fine on Extreme Energy Solution

A New Jersey company that claims to make devices that reduce pollution from cars has been fined $1.1 million on securities violations. The New Jersey Bureau of Securities ordered Extreme Energy Solutions, Inc. (EES), saying it had fraudulently sold unregistered stock and misled investors, Truman Lewis reports in Consumer Affairs. 

“The Bureau of Securities chief found that (company CEO Samuel) Burlum misled investors with a series of lies about his company’s current and future prospects for success,” Acting Attorney General John J. Hoffman said. “This $1.1 million civil penalty will serve as a deterrent and a clear reminder that we are watching, and that investors must also do their homework before investing.”

EES sells and installs a device called the SMART Emissions Reducer, formerly known as the InterCharger, which supposedly reduces automobile emissions and increases motor fuel efficiency.

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