Archive for the ‘Stiner’ Category

Friday, March 13, 2009 12:44 am | Edgar A. Gunther | 2 Comments »

SEC settles with ex AstroPower CEO Allen Barnett and CFO Thomas Stiner on financial fraud charges

“Barnett and Stiner agreed to permanent injunctions; payment of civil penalties in the amount of $65,000 and $40,000, respectively; and other sanctions.” The long, sad tale of photovoltaic manufacturer AstroPower winds down? It has been a while since I posted AstroPower Saga Continues: Fraud Claims Referred to FBI.

Per this Litigation Release No. 20938 issued on March 10, 2009:

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 20938 / March 10, 2009

Accounting and Auditing Enforcement Release No. 2946 / March 10, 2009

Securities and Exchange Commission

AstroPower Saga Continues: Fraud Claims Referred to FBI

Former AstroPower Execs Allen Barnett and Thomas Stiner agreed to pay $1 million USD to settle shareholder lawsuits without admitting culpability

The ever trustworthy Steven Church, now with Bloomberg News, reported on the latest developments in AstroPower fraud claims go to FBI, judge rules reprinted in delawareonline: The News Journal. Typical for this saga, there has been a dearth of press coverage.

In Wilmington, Delaware, U.S. District Judge Joseph J. Farnan Jr. ruled the fraud allegations against AstroPower company founder and CEO Allen M. Barnett and CFO Thomas J. Stiner should be referred to the Federal Bureau of Investigation.

Attorneys were ordered to supply the names