HOUSTON (CN) - Sustainable Power Corp. and John Rivera duped a Malaysian energy company into investing in high-quality biocrude, biodiesel and biogas from palm waste, but the so-called "Vertroleum" doesn't meet biofuel standards, Borneo Energy Sendirian Berhad claims in Federal Court.
Borneo Energy also claims Rivera failed to disclose that the Securities and Exchange Commission was investigating him for securities fraud. Rivera had allegedly participated in a "pump-and-dump" scheme involving shares of United States Sustainable Energy Corp.
The plaintiff demands $1.1 million in actual damages, plus punitive damages. It is represented by J. Gregory Copeland with Baker Botts LLP.