Solyndra Raid: FBI Executes Search Warrant on Solar Plant
Returning to wrap up business after last week's bankruptcy announcement, Solyndra executives were surprised to find federal agents executing search warrants issued by the Department of Energy's Office of Inspector General.
A spokeswoman for the FBI, who confirmed that the Bureau is acting in partnership with the Department of Energy, declined to explain the purpose of the Solyndra raid, indicating that the documents are under seal.
Solyndra executives have also been left in the dark.
At this point, one can only assume that the Solyndra raid and investigation is a result of the more than $500 million in loan guarantees the company received in 2009 and subsequently used to build a plant in Fremont, California.
Even before Solyndra made plans to file for bankruptcy, a number of concerns had been raised by Congress, some beginning in February when the San Francisco Chronicle reports that a congressional panel began questioning how Solyndra won the guarantees.
The House Energy and Commerce Committee has scheduled a September 14 hearing to consider Solyndra's bankruptcy, with Rep. Henry Waxman inviting Solyndra Chief Executive Brian Harrison to testify about the loans.
Harrison had told the Committee two months ago that the company was in a strong financial position and not even close to failure, reports Reuters.
Aside from obvious concerns about fraud and political bribery, this little fact leads one to wonder whether the Solyndra raid is part of an investigation into Harrison's statements. Perhaps there is a belief that he perjured himself in front of Congress?
- What Does the FBI Want From Solyndra? (Wall Street Journal)
- FBI Raids 'Connected' Energy Firm Solyndra (ABC News)
- Solyndra Bankrupt: CA Solar Company Closed, to File for Bankruptcy (FindLaw's In House)