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Obama Stimulus Recipient Under Investigation For Insider Trading

This news comes on the same day the Senate passes the STOCK Act, a bill that bans members of Congress from benefiting from insider stock trading. The bill is headed to Obama’s desk were he will sign it.

Besides that news, CBS News has revealed that a ‘green energy’ company given $126.2 million in stimulus taxpayer funds from the U. S. Department of Energy, is currently under investigation for insider trading.

The company, San Francisco-based Ecotality, makes and installs chargers for electric cars.

The subpoena from the Securities and Exchange Commission, issued in December of 2011, specifically asks the company for documentation surrounding the public announcement of the first Department of Energy grant to the company for $99.8 million on August 5, 2009.

The government also wants all communication regarding the federal grant from at least four Ecotality employees and two board members including the company’s CEO Jonathan Read.The company was required to supply documents to the SEC by early January.

A company spokesperson told CBS News in an email, “We are cooperating fully with the SEC and have no further disclosures or updates that we are able to provide outside of our public filings.”

Ecotality received $99 million in 2009 and an additional $26 million in October 2011. Since the beginning of the grant period in October 2009 the company reported creating 144 jobs according to Recovery.gov .

I wonder if any Obama donors have links to this company…

You’re probably thinking “What else is new?”