Politically Connected EV Startup GreenTech Automotive Subject …

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Politically Connected EV Startup Automotive Subject of SEC Investigation

By Staff on August 3, 2013

car startup GreenTech Automotive, set up a factory in Horn Lake, to manufacturer their low speed EV called MyCar. is being by the U.S. Securities and Exchange for the way it solicited foreign investors. Automotive was co-founded by Virginia candidate Terry McAuliffe, who is a chairman of the Democratic National

McAuliffe resigned as chairman of in late 2012 when he his campaign.

According to the Washington Post. the SEC documents relating to GreenTech and Coast Funds Management, a company that shares a Virginia address with Gulf Coast Funds is run by Rodham, whose sister, is U.S. senator and secretary of Hillary Rodham Clinton. The is looking into allegations the company guaranteed returns to investors that GreenTech out by using the federal EB-5 that will grant visas to the United States if invest half a million or more to create jobs in country.

GreenTech has a strategic partnership China s JAC Motors.

SEC officials comment and a spokesman for McAuliffe’s said he “has no knowledge of any GreenTech and Gulf Coast confirmed the subpoenas and said the would cooperate with the SEC The investigation came to light internal Department of Homeland documents and emails were by Sen. Charles Grassley a critic of the EB-5 visas.

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Some of the documents raised the of fraud .

McAuliffe originally he would build a factory in the heart of Virginia,” but after incentives from state and governments in Mississippi, GreenTech their factory in Horn Republican Gov. Haley attended the July 2012 cutting ceremony, along McAuliffe s close friend, president Bill Clinton.

he was still with the company, said last that could build 10,000 in 2013 and that the factory be hundreds of people at their factory. Actual production has much smaller, as has hiring. won t release any production figures but reported that 2012 would be closer to 1% of that vehicles, 110 vehicles earmarked for

One former employee at the Horn plant told the NBC affiliate in Virginia that it was all for show. would take everybody and put out on the line and we would stand the car with tools in our hand and like we were doing to the car, but we wasn’t doing A company spokesman denied and described the activities there as a build . A neighbor recently that the plant is quiet and nobody he knew who applied had gotten jobs.

Memphis, Tennessee s WMC-TV News 5 (auto start says they ve found no of significant car production at the Mississippi GreenTech allowed WMC-TV in the factory but wouldn t let them to the production line.

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