hurricanemaxi
Joined: 08 Sep 2011
Posts: 66
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 Posted: Sun Oct 02, 2011 12:33 pm Post subject: Solyndra Said to Be Investigated by FBI for Accounting Fraud |
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Solyndra LLC, the solar-panel maker that filed for bankruptcy protection two months after executives extolled its prospects, is being investigated by the FBI for accounting fraud, an agency official said.
The FBI is examining possible misrepresentations in financial statements submitted to the Energy Department, according to the official, who requested anonymity because the investigation is continuing.
Disclosure of the fraud probe is likely to heighten Republican criticism of the Obama administration for its approval of a $535 million U.S. loan guarantee, which the company used to build a $733 million factory in Fremont, California, that opened in January.
When construction started, the company said it had a $2 billion backlog in orders for its cylindrical solar modules for commercial rooftops.
“The company is not aware of any wrongdoing by Solyndra officers, directors or employees” related to the Energy Department loan guarantees or other actions and “is cooperating fully” with the U.S. Attorney in San Francisco, according to a Sept. 20 statement from Solyndra. David Miller, a company spokesman, didn’t return a phone call and an e-mail seeking comment yesterday.
Solyndra filed for bankruptcy protection on Sept. 6 and fired about 1,100 workers with little notice, two years after it received the loan guarantee. The Federal Bureau of Investigation raided the company’s offices on Sept. 8. The Justice Department hasn’t said why Solyndra is being probed.
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