Posted on 03/06/2006 7:35:50 AM PST by SoFloFreeper
Jefferson City, Missouri -- Secretary of State Robin Carnahan's Commissioner of Securities Matt Kitzi issued a consent order last week concerning a St. Louis business that claimed it could produce a car that runs on water.
The order alleges that William P. Alexander and his company, Emerging Technologies Development Company, offered and sold unregistered investments in Emerging Technologies Investment Group LLC. In a July 2004 news release, the company claimed it would create several thousand jobs in St. Louis to produce a water-powered car that would likely make the need for gasoline obsolete in 100 days.
However, the company admits that to date, no water-powered car has been produced, no jobs have been created and no funds remain in Emerging Technologies Development Co. Alexander and his group received $100,000 from 12 investors.
The order requires Alexander and the investment group to pay $100,000 plus interest back to the investors and a $10,000 fine to the state. In addition, Alexander and his companies are prohibited from offering or selling unregistered securities and from making untrue statements regarding the offer or sale of a security.
"Unregistered sellers and unregistered investment products are real threats to investors," Carnahan said. "I encourage Missourians to contact our toll-free investor hotline to get information regarding a company or investment, especially when it sounds too good to be true," she added.
For more information regarding investments and fraud protection, or for information regarding a company or representative, please call the toll free investor hotline at 1-800-721-7996 or visit the Secretary of State’s Web site at http://www.sos.mo.gov/securities.
Taking a page from the Bush administration's Justice Department, I guess.
Anybody who would invest in such a thing has way too much money for their intellect.........
Making assumptions can bite one in the ham sandwich. Some folks 60 or 70 years invented rocket ships, jet engines, phony oil that is better than regular motor oil, and engines that ran off water, so to speak.
So. maybe he ain't lying to investors?
We had a similar scheme here in the TampaBay area a few years back.Was even reported as "serious" news in the StPeteTimes.Like PTBarnum said.."Theres a sucker born every minute".
Fifty years ago a couple of friends had an old car with a gas tank leak. The added a gas tank in the trunk and ran off of that. They liked to find a crowded gas station where they would go in and fill the old tank with water. They would then get out a bag of moth balls and loudly argue about how many to add to the tank. They didn't think about selling their "invention" but could have probably found buyers.
I remember an old comic book I read. Guy had two tanks on the car. Would drive up to the service station, fill the tank with water and throw a few pills in it. People would watch that and then buy pills (aspirin) from him. Of course the real gas tank was in the trunk.
Isn't an engine that runs on water called 'steam powered'?
Anyway, another sideways plug for McRascal and Carnalhan.
The Blunt's may be beltway-repubs but they are still heads and shoulders above McRascal!!!!!
The dream of a water powered car sank near a bridge of Chapequidick... LOL
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