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Whistleblower Alleges iSun Leaders Misled Shareholders Ahead of Bankruptcy
https://www.sevendaysvt.com/news/whistleblower-alleges-isun-leaders-misled-shareholders-ahead-of-bankruptcy-41290676Whistleblower Alleges iSun Leaders Misled Shareholders Ahead of Bankruptcy
By DEREK BROUWER
Published July 3, 2024 at 10:00 a.m.
Leaders of the Vermont solar firm iSun misled shareholders and engaged in "extensive" wrongdoing, including fraud and misappropriation of funds, according to a former executive who was recruited to fix the publicly traded company in the months before its June bankruptcy.
Top executives listed their spouses as employees to obtain more government aid during the pandemic, took title to company cars and breached loan agreements as they became desperate for cash, former iSun CEO Robert Zulkoski alleges in a whistleblower complaint obtained by Seven Days.
Company officials and iSun's board of directors concealed the information from stockholders, he claims. Meanwhile, the top executives reaped six-figure bonuses.
Zulkoski leveled his accusations in a June 7 letter to the U.S. Securities and Exchange Commission days after iSun filed for bankruptcy protection. The seven-page document, penned by an attorney representing Zulkoski, is addressed to the SEC's confidential whistleblower program.
[...]
By DEREK BROUWER
Published July 3, 2024 at 10:00 a.m.
Leaders of the Vermont solar firm iSun misled shareholders and engaged in "extensive" wrongdoing, including fraud and misappropriation of funds, according to a former executive who was recruited to fix the publicly traded company in the months before its June bankruptcy.
Top executives listed their spouses as employees to obtain more government aid during the pandemic, took title to company cars and breached loan agreements as they became desperate for cash, former iSun CEO Robert Zulkoski alleges in a whistleblower complaint obtained by Seven Days.
Company officials and iSun's board of directors concealed the information from stockholders, he claims. Meanwhile, the top executives reaped six-figure bonuses.
Zulkoski leveled his accusations in a June 7 letter to the U.S. Securities and Exchange Commission days after iSun filed for bankruptcy protection. The seven-page document, penned by an attorney representing Zulkoski, is addressed to the SEC's confidential whistleblower program.
[...]