A judge granted Colorado Attorney General Cynthia Coffman a preliminary injunction against Lakewood-based Guaranteed Solar for allegedly selling customers solar energy systems that never materialized, scamming 15 Coloradans of $450,000.
The injunction, granted Friday by a Jefferson County District Court judge, bans the company from selling solar energy systems, according to a statement from the attorney general’s office.
Kevin Ryder, 49, allegedly told customers of Guaranteed Solar and its predecessor Innersol Global that the solar energy systems he was selling were an investment and convinced them to take out home equity loans to cover their costs, according to the attorney general’s office.
The attorney general’s office claims Ryder spent the money “on his own lavish lifestyle” while his customer heard excuses for months.
The attorney general’s office believes Ryder is in California. There is a nationwide arrest warrant for him. The attorney general’s offices encouraged anyone with information on his whereabouts to call (720) 508-6706.
Coffman had previously filed a 13 county criminal grand jury indictment against Ryder for securities fraud in June, alleging that he promised 12 investors 20 percent annual returns but, instead, lost them a total of $800,000. One elderly woman lost her retirement savings, almost $300,000, according to the attorney general’s office.
The indictment alleged that he convinced the Colorado residents to invest in his debt management services company Complete Capital Services through unregistered securities sold by his financial planning company Acceleration Financial Services.
