A California man has pled guilty to charges he defrauded investors out of nearly $9 million. The scam? Telling them he was going to turn cow poop into energy.
According to the U.S. Attorney’s Office of the Eastern District of California, 66-year-old Raymond Brewer had promised investors that he would build anaerobic digesters, or, in other words, machines that can convert cow poo to methane gas which in turn can be sold as energy. He collected $8,750,000 between 2014 and 2019, and instead of fulfilling his promises, spent the money on things like a new home and vehicles.
When investors asked for updates, Brewer sent fake invoices, fake construction schedules, fake reports, and the like.
Brewer is scheduled to be sentenced on June 26. He faces two 20 year sentences and over $500,000 in fines.