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SEC v. Alternate Energy Holdings, Inc., et al. Case No. 10-cv-00621-EJL-REB (D. Idaho)

Aug. 11, 2022

On November 1, 2012, the Commission filed a supplemental amended complaint (“Complaint”) against Alternate Energy Holdings, Inc., its CEO, Donald L. Gillispie (“Gillispie”) and its Senior Vice President, Jennifer Ransom (“Ransom”) and named Bosco Financial, LLC (“Bosco Financial”), Energy Executive Consulting, LLC (“Energy Executive”), and Black & Lobello, LLC (“Black & Lobello”) as relief defendants. The Complaint alleged that AEHI raised millions of dollars from investors in Idaho and throughout the U.S. and Asia while fraudulently manipulating its stock price through misleading public statements that conceal the secret profits reaped by its Gillispie and Ransom. Gillispie touted the company as a tremendous investment opportunity that could rival Exxon Mobil in profitability, despite the fact that AEHI has essentially no revenue and minimal operations. See Supplemental Amended Complaint.

On May 13, 2014, the Court granted the Commission’s motion to freeze $2 million in funds AEHI had obtained from investors and then unlawfully transferred to a Nevada back account. See the Court’s Order

In 2015, the Court entered a final judgment against AEHI and Gillispie, ordering, among other things, that AEHI pay disgorgement with prejudgment interest in the amount of $14,812,066 and a $200,000 civil penalty. See AEHI and Gillispie’s Final Judgment. The Court also entered judgments resolving all claims against the remaining defendants and relief defendants, through a combination of litigated and consensual filings. See Black & Lobello’s Final JudgmentRansom and Bosco Financial’s Final Judgment, and Dismissal of Energy Executive

On January 25, 2016, Black & Lobello turned over the $2 million in investor funds to the Commission, as ordered (“Distribution Fund”).

On January 10, 2017, the Court entered an order appointing Damasco & Associates LLP as the Tax Administrator and Rust Consulting, Inc. as the Distribution Agent of the Distribution Fund. See the Court’s Order

On August 14, 2017, the Commission filed a motion to approve a distribution plan (“Plan”). See the Commission’s Motion

On September 6, 2017, the Court entered an order approving the Plan. See the Court’s Order with the Plan

The Plan provides that the distribution of the Distribution Fund shall be made to claimants who were harmed by the improper conduct alleged in the Commission’s underlying lawsuit. The Distribution Agent will determine each Eligible Claimant’s pro rata share of the Distribution Fund based upon each Eligible Claimant’s total Eligible Loss Amount divided by the total Eligible Loss Amounts of all Eligible Claimants, in accordance with the terms of the Plan. Claim forms can be found at: All Claim Forms must be postmarked by the Claims Bar Date, March 3, 2018.

On May 9, 2019, the Court entered an order amending the Plan (the "Amended Plan"). See the Court's Order with the Amended Plan.

On October 17, 2019, the Court entered an order authorizing the disbursement of $1,857,769.21 from the Fair Fund for distribution by the Distribution Agent to harmed investors in accordance with the Amended Plan.  See the Court's Order.

For more information, please contact the Distribution Agent: 

Rust Consulting, Inc.
Telephone Number: 866-903-0635

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