Final Judgement Document on Ascenergy Crowdfunding Fraud

Some times the wheels of justice move slowly. And sometimes the documentation associated with these wheels lag as well. File this one under recently discovered. The Securities and Exchange Commission released, this past June, the Agreed Final Judgement regarding the case of the Ascenergy crowdfunding fraud.

While for all intents and purposes the case was decided more than a year ago, embedded below is the actual document that shows who was castigated in the enforcement action and what was expected to be paid in penalties and disgorgement.

Ascenergy and Joey Gabaldon, and relief defendants Pykl LLC and Alanah Energy LLC, were all named in the case.

Defendants Gabaldon and Ascenergy were jointly liable for disgorgement of $5,112,473, representing profits gained as a result of the conduct alleged in the Complaint. There was also prejudgment interest in the amount of $197,217.  Alanah is liable for disgorgement of $103,890, representing profits gained along with interest in the amount of $4,670. Gabaldon and Ascenergy shall have their disgorgement obligation reduced by the amount of any amounts that the Commission actually collects from Defendant Pyckl.

Gabaldon is further liable for a civil penalty in the amount of $320,000 and Ascenergy is further liable for a civil penalty in the amount of $1,550,000.

No word if the penalties were actually paid.

Hopefully this is the end of the first crowdfunding fraud case to tarnish the industry.


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