The U.S. Securities and Exchange Commission has charged Arista Power Inc., its general counsel, Michael Hughes, its CEO and a third party with securities fraud involving a scheme to disguise the public company’s financing and its money difficulties.
Arista, which previously operated under two other names, purported to develop and sell energy-producing wind turbines. A penny stock company, it filed for bankruptcy in December 2015 during the SEC’s investigation and is undergoing liquidation, according to the commission.
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