SEC v. Broadwind Energy, Inc., et al.
Case No. 15-cv-1142 (N.D. Il.)
On February 5, 2015, the Commission filed a complaint (the “Complaint”) against Broadwind Energy, Inc. (“Broadwind”), J. Cameron Drecoll (“Drecoll”), and Stephanie K. Kushner (“Kushner”) (collectively, the “Defendants”). The Commission alleged Broadwind failed to record and disclose a $58 million impairment charge prior to a public offering of its stock in January 2010. See Complaint.
On February 20, 2020, the Court entered an order that established a Fair Fund for $1,691,467, in disgorgement, prejudgment interest, and penalties paid by Defendants (the “Fair Fund”). Further, the Court appointed Miller Kaplan Arase LLP as the Tax Administrator to fulfill the tax obligations of the Fair Fund. See the Court’s Order.
Also on February 20, 2020, the Court entered an order that appointed Analytics Consulting LLC as the Distribution Agent to oversee the administration and distribution of the Fair Fund. See the Court’s Order.
For more information, please contact the Commission:
Office of Distributions