On September 20, 2017, the Securities and Exchange Commission announced that it had charged a Wisconsin businessman with stealing millions of dollars from investors. The SEC has accused Ronald Van Den Heuvel of De Pere, Wisconsin of using the stolen funds to purchase Green Bay Packers tickets and a Cadillac Escalade.
The complaint filed by the SEC alleges that the defendant told investors their money would be utilized for an eco-friendly recycling procedure known as the “Green Box Process”. Van Den Heuvel is accused of telling investors he would use their money to purchase equipment, open a facility and provide a green solution for post-consumer waste.
In total, the defendant allegedly raised roughly $7.6 million from at least 10 investors. Several of the investors were participants in the government’s EB-5 immigrant investor program. The SEC claims that the defendant used the investors’ money improperly. For instance, they suggest that Van Den Heuvel used more than $3.9 million for unauthorized personal purposes and unrelated business purposes.
The SEC claims the defendant used the funds to pay overdue taxes, pay family members and to pay an outstanding judgment. The SEC complaint also suggests the Van Den Heuvel lied about the Green Box Process by suggesting that tax-exempt bonds would provide around $95 to $125 million in financing, despite knowing that Michigan had all but denied the bond application.
The SEC’s complaint was filed on September 19, 2017. It charges Van Den Heuvel and his company, Green Box NA Detroit LLC, with several violations. On September 20, 2017, the United States Attorney for the Eastern District of Wisconsin announced criminal charges against Van Den Heuvel. The defendant remains innocent until proven guilty in a court of law.