A Tucson man, Charles O’Dowd, has been ordered to pay $7,666,558 in restitution and a $75,000 administrative penalty for fraudulently offering and selling unregistered securities to foreign investors related to his solar thermal and photovoltaic installation company operating in Tucson.
The Arizona Corporation Commission issued the order after finding that O’Dowd sold ABCO Energy, Inc.’s securities offerings in the form of common stock and/or convertible preferred stock to 81 foreign investors but was not registered to sell securities in Arizona.
The Commission found Charles O’Dowd sought financing for Tucson-based ABCO Energy, Inc. to grow the company’s photovoltaic and solar thermal business quicker by providing the necessary capital to employ a sales and marketing team and to establish the company as an immediate and long-term leader in the industry.
However, the Commission found O’Dowd failed to disclose that most of the investors’ funds went to pay commissions to solicit foreign investors and was not invested in ABCO Energy, Inc., and its subsidiary ABCO Solar. Also, the Commission found O’Dowd intentionally did not disclose to the investors the Commission’s prior decisions against David Shorey, the former CEO and CFO of ABCO Solar, Inc. and ABCO Energy, Inc.
In settling this matter, O’Dowd admits to the Commission’s findings for the purpose of this proceeding and agrees to the entry of this consent order.
All documents relating to this agenda item can be found in the Corporation Commission’s online docket at https://edocket.azcc.gov and entering docket number S-21153A-21-0118.