Documents: SEC probing McAuliffe former e-car firm

Print
Email
|

Associated Press

Posted on August 3, 2013 at 5:07 AM

RICHMOND, Va. (AP) — The electric-car company Virginia Democratic gubernatorial candidate Terry McAuliffe headed until last fall is under federal investigation over its use of a foreign investor visa program.

Nearly 100 pages of newly released documents reveal the Securities and Exchange Commission in May subpoenaed records of GreenTech Automotive and Gulf Coast Funds Management, a partner in GreenTech's efforts to establish plants in Mississippi.

The inquiry is related to their use of a Department of Homeland Security program that grants permanent residency to foreign investors who invest $500,000 or more in economically struggling areas for ventures that create American jobs.

GreenTech confirmed its subpoena in an email to the Associated Press. There was no reply to messages left for Gulf Coast executives. The SEC refused to comment.

McAuliffe disavowed knowledge of the investigation.

Print
Email
|