Charges in United Fuel Cell Technologies Indictment
Patrick Kelly and John Yoka were charged with three counts relating to United Fuel Cell Technologies. The name "Genesis World Energy" is not mentioned in the indictment. The grand jury charges that:
Count One Conspiracy -- Second Degree.To engage in what's charged in counts two and three.
Count Two Theft by Failure to Make Required Disposition -- Second Degree. That about $400k was raised from UFCT investors to be used for marketing, distribution, and sales of fuel cell technology but was treated as personal funds by Kelly and Yoka.
Count Three Securities Fraud -- Second Degree. That about $2 million was raised from investors and that some material claims made to the investors were false or misleading.
- That UFCT was a bonafide and active Delaware corporation;
- That HP and IBM had agreed to work with UFCT.