RICHMOND, VA (WWBT) - The Security and Exchange Commission is investigating GreenTech, the electric car company founded by Terry McAuliffe, according to published reports.
The SEC is looking into the company's conduct in soliciting foreign investors, reports the Washington Post. The newspaper reports the SEC has subpoenaed documents from the Democratic gubernatorial candidate's company, as well as from a sister company, Gulf Coast Funds Management.
According to the documents, the company "guarantees returns to investors. SEC officials declined comment and a spokesman for McAuliffe's campaign told the Washington Post the candidate "has no knowledge of any investigation."
McAuliffe resigned as chairman of GreenTech in late 2012 as he began his run for governor, but the issue has continued to do him on the campaign trail. The controversial conservative group Citizens United launched a half-hour documentary attacking McAuliffe earlier this week. The movie focuses on GreenTech, as well as Franklin Pellets, a company in Southeast Virginia that McAuliffe is working to get going after buying a former paper mill.
Ryan Nobles has responses on the investigation from both Terry McAuliffe's campaign and from his opponent Attorney General Ken Cuccinelli on Decision Virginia.
A full recap of all of our coverage of the Greentech controversy is available in one place on our Greentech coverage page of Decision Virginia.