Bio-Mass Energy Company, That Toured Monticello, In Trouble with State Securities Dept.
May 13th, 2010 by
Phoenix Renewable Energy, based out of Hot Springs, received a “cease and desist” letter from the Arkansas Securities Dept., for inducing investors to put up around $1.4 million, to be converted to stock in the German Stock Market.
A press release from the state also stated that over $330,000 had been paid out to Phoenix’s development director, Stephen Walker, and CEO Sam Anderson.
Phoenix Renewable Energy is the company that held their ceremonial ground breaking in Camden 9 months ago, but has done little else, there. They were also discussed at an Intermodal Facility meeting last year, as having contacted several other southeast Arkansas communities, about the possibility of expanding in this area, along with their $180 million Camden facility.
Locations toured in hopes of adding a large employer like Phoenix promised to be, included Monticello, Warren, and Rison, among others.
The “cease and desist” order doesn’t close the company, but certainly limits the availability of funds for a potential start-up.
This story has been covered by KTHV channel 11 and Arkansas Democrat, among others, but didn’t include the local references, except for Camden.
Phoenix Renewable is not affiliated with either of the other two bio-mass, bio-fuel entities that are also interested in expansion into the Monticello area.
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This company has been a scam who takes on other scam companies and claims to be a joint venture.
We came across this article and others whist doing some background research on Phoenix following problems of our own. It is very worrying for us and we would welcome any further information. steve.garner30@gmail.com