Are Utahn's solar projects just pie in the sky? Claims raise questions in Millard County, elsewhere
IAUS shares continue to be publicly traded as a "pinksheet" penny stock at 25 cents a share — an amount that has only deviated slightly in the past year of trading. Penny stocks are not regulated by the state securities division but do fall under the purview of the SEC.
RaPower3 stresses on its website that people who become members of the company and purchase its solar technology are not buying a security, but instead make their money through lease agreements and tax credits generated from the solar equipment.
Members are said to receive a "placed in service" letter by February if they purchase by the end of this year and earn money based on new members they bring in. On its Facebook page in 2011, RaPower3 referenced the Millard County towers, saying people can "buy one of these," by Jan. 31 and qualify for a $6,000 "bonus." The company has a B+ rating by the Better Business Bureau, which has received no complaints against the company and describes it as a "multi-level selling company."
It remains to be seen what Johnson's Millard County project will do, but Smith and other county officials would like to know how to answer inquiries, and when Johnson will submit the proper paperwork.
Smith said it has become frustrating.
"When I asked him personally what was going on a couple of years ago, he was told he needed to come in and get a permit to be compliant. He said he would and he never has," Smith said.
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