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Securities News Releases
Monday, July 30, 2012
Contact: Ryan Hobart, (573) 526-0949
Carnahan Exposes Scheme Seeking Investments in Solar Backpack
Jefferson City, MO - Missouri Secretary of State Robin Carnahan today announced an enforcement action against Evangelos Papakiristis, of Highland, Ill., and his company, Solar Evolution, concerning allegations of fraud in seeking investments for a “solar backpack” project.
According to the cease and desist order issued by officials in Carnahan’s Securities Division, Papakiristis allegedly convinced a Missouri resident to invest over $9,000 in Solar Evolution, promising to pay out a total of $15,100 within five weeks. The order states that neither Papakiristis nor Solar Evolution was registered to sell securities in Missouri.
According to the order, Papakiristis allegedly told the Rolla-area resident that the investment would be used in the creation of a “solar backpack.” The investor was also told that he would receive over $15,000 in return. The Missouri resident has not received a return of invested funds.
“The growing interest in alternative energy has provided dishonest investment representatives an opportunity to capitalize off of legitimate businesses,” Carnahan said. “It’s important to be especially cautious when considering any investment that promises returns that sound too good to be true.”
The cease and desist order alleges that Papakiristis sold unregistered securities and committed securities fraud by providing untrue information to investors. The order states that Papakiristis also failed to disclose a 2003 bankruptcy and a 2001 guilty plea on seven criminal counts related to motor vehicle trafficking.
Papakiristis and Solar Evolution face up to $24,000 in penalties and the possibility of paying restitution to the harmed investor. Respondents have 30 days to request a hearing and contest this matter.
For more information regarding investments and fraud protection, or for information regarding a company or representative, visit the secretary of state’s online Investor Protection Center at www.MissouriInvestorProtection.gov or call the toll-free Investor Protection Hotline at 800-721-7996.
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To find out more about Missouri’s secretary of state’s office, visit www.sos.mo.gov.