Abound Solar Under Investigation for Securities Fraud

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Abound Solar is now under investigation in two separate criminal cases, months after the Department of Energy loan recipient filed for bankruptcy.

Local officials are investigating whether Abound management committed securities fraud by failing to notify investors about engineering defects in the solar panels the company produced.

Some of the panels, according to Fox News, were not producing the energy they were designed to, in addition to other product flaws.

Abound received $400 million in federal DOE loan guarantees, as well as a $9.2 million loan from the Export-Import Bank. Taxpayers are expected to lose between 10 and 15 percent of the original loan guarantee.

The company's principal investor was Pat Stryker, a member of the Democracy Alliance and a major donor to President Obama.

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