U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21855 / February 14, 2011
Securities and Exchange Commission v. Alternate Energy Holdings, Inc., et al., Civil Action No. 1:10-cv-00621-EJL (S.D. Idaho, filed December 16, 2010)
Court Lifts Asset Freeze But Imposes Reporting Requirements and Orders Compliance With the Anti-Fraud Provisions of the Securities Laws
On February 14, 2011, in the SEC’s ongoing enforcement action against Idaho nuclear power company Alternate Energy Holdings Inc. (AEHI) and its principals, United States District Judge Edward J. Lodge signed an Order lifting the temporary asset freeze that the Court had previously imposed, while putting in place other protective measures for the duration of the litigation. The Order requires AEHI to provide the SEC with a monthly accounting of all expenditures of $2,500 or more, including the purpose of the expenditures and supporting documentation. The Order also prohibits AEHI, Chief Executive Officer Donald L. Gillispie and Senior Vice President Jennifer Ransom from violating, or aiding and abetting violations of, certain provisions of the federal securities laws, including Section 17(a) of the Securities Act and Sections 10(b) and 16(a) of the Exchange Act and Rules 10b-5 and 16a-3 thereunder.
The Court has not ruled on the merits of the SEC’s action. The parties are engaged in pre-trial discovery with a trial date remaining to be set.