If you invested with Eric Carl Willer of Fusion Analytics please call 1-866-817-0201.
From January 2017 to December 2018, Willer recommended that 13 potential investors purchase bonds in two private offerings without having a reasonable basis to believe that the bonds were suitable for any investor. This means that he did not conduct sufficient investigation into the investments to determine whether the investments were financial sound enough for any investor to invest into. Additionally, Willer negligently misrepresented and omitted important facts when he distributed offering documents to four potential investors that included misrepresentations and omissions, in violation of securities regulations.
In January 2017, Promoters of the bond engaged Willer to sell the bonds through Fusion. On its website and in press releases, the issuer of the bonds identified itself as a wholly-owned subsidiary of the company that was sanctioned in a prior SEC action which ordered the Promoter to cease and desist raising money for past securities violations. Promoter was among the issuer’s management and was the president of the parent company.
The bond offering was intended to raise $6 million of the necessary $7.75 million to build a power plant, which the issuer claimed would use clean energy technology patented by the company that was sanctioned by the SEC. Revenue from the power plant would be the only source of revenue to support payments to the bondholders. In late December 2018, the issuer commenced a second offering (Offering 2) to fund the same power plant as Offering 1. As Willer was aware, none of the issuer, its parent company, Promoter 1, or Promoter 2 had any experience building or operating a power plant.
Willer performed no investigation of the issuer or its management in connection with the offerings, other than reviewing offering documents prepared by the issuer. Furthermore, the offering documents Willer used and distributed to potential investors in the sale of the bonds contained multiple, significant misrepresentations that Willer failed to recognize.
The Financial Industry Regulatory Authority (FINRA) began investigating this matter in March of 2021. Willer agreed to a nine month suspension from the securities industry.