AG Coffman Gets Preliminary Injunction Against Fraudulent Solar Energy System Company
Company owner Kevin Ryder is also wanted on securities fraud allegations.
DENVER- Colorado Attorney General Cynthia H. Coffman today announced that a Jefferson County District Court judge has granted the Attorney General’s motion for a preliminary injunction against Guaranteed Solar, LLC, a Lakewood company that sold expensive solar energy systems to residential consumers and then kept the consumer’s money without delivering the systems. The injunction bars the company from engaging in any further sale of solar energy systems.
According to the Attorney General’s lawsuit, Guaranteed Solar and its predecessor company, Innersol Global, LLC, scammed 15 Colorado consumers for a combined total of $450,000.00. The two companies were operated by Kevin Murphy Ryder (DOB 1/25/1967) who, the Attorney General alleges, had a prior history of engaging in securities fraud. Ryder pitched the solar energy systems to his customers as an “investment” and convinced them to take out home equity loans to pay for the systems. After paying for these systems, consumers heard months of excuses from Guaranteed Solar, while Ryder spent the money on his own lavish lifestyle before abandoning the company.
“Consumers must be cautious about undertaking expensive projects and investments with individuals about whom they know little,” said Attorney General Coffman. “It is essential not only to ask for current customer referrals, but also to do additional research on the company or individual’s history over the past several years. Unfortunately, scammers are counting on consumers to trust but not verify.”
Attorney General Coffman also filed a 13 count criminal grand jury indictment against Kevin Ryder for securities fraud in June of 2016. The indictment alleges that between 2009 and 2014, Ryder convinced 12 Colorado residents to invest in his debt management services company, Complete Capital Services, LLC, through unregistered securities sold by Ryder’s financial planning company, Acceleration Financial Services, LLC. Ryder promised the investors 20% annual returns. Ryder failed to deliver these returns and is alleged to have spent all of the principal investments. The 12 investors lost a combined total of more than $800,000.00; one elderly widow lost almost $300,000, her entire retirement savings.
Kevin Ryder is believed to currently be living in California, and is the subject of a nationwide arrest warrant. The Colorado Attorney General’s Office encourages anyone who knows of his whereabouts to contact the Attorney General’s Criminal Justice Section at (720)508-6707.
The filing of criminal charges or an indictment is merely a formal accusation that an individual committed a crime. Each defendant should be presumed innocent until proven guilty.
DateJanuary 13th, 2017