The three top U.S. tycoons on Forbes’s “Green” billionaires list have received billions of dollars in taxpayer subsidies for their clean technology companies, after they spent hundreds of thousands of dollars for political campaigns and lobbying.
Securities law firms are lining up to get a piece of the action after a class action lawsuit was filed against federally subsidized First Solar, Inc., allegedly because the company failed to disclose the massive costs it was incurring due to defects in its solar panels, leading investors to believe the company’s stock was worth more than its actual value.
Democratic lobbyist and former Texas Lieutenant Gov. Ben Barnes has been slapped with a $5 million lawsuit over lobbying and consulting services he provided to R. Allen Stanford, the indicted financier accused of running a multibillion-dollar Ponzi scheme.
The suit was filed on Mar. 15 by Ralph Janvey, the receiver appointed by the court to recoup the investors’ losses. It alleges that Barnes raked in millions doing consulting and lobbying work for Stanford’s fraudulent investment empire since 2005. Stanford is accused of bilking tens of thousands of investors out of nearly $8 billion, in one of the largest phony investment schemes of all time.