Federal judge orders KiOR’s former CEO, successor company to pay $4.5 million

June 12, 2017 |

In Mississippi, the former CEO of KiOR, Fred Cannon, and the successor company to KIOR have been ordered by a federal district court judge to pay $3 million to the 23,000 shareholders who lost their money in the failed venture, along with $1.5 million plus fees for attorneys. The state’s suit against the former company for $77 million plus interest is still ongoing. The state claims that the company defrauded the state in order to get the loan. The lead investors paid the SEC a $100,000 fine to settle allegations the company had misconstrued to investors the facts about the technology’s capacity to produce biocrude from wood.

Print Friendly, PDF & Email

Tags: ,

Category: Fuels

Thank you for visting the Digest.