ENFORCEMENT PROCEEDINGS - In the Matter of Renew Energy Resources, Inc.

Wed. November 26, 2008; Posted: 03:03 PM

Nov 26, 2008 (SECURITIES AND EXCHANGE COMMISSION RELEASE/ContentWorks via COMTEX) -- REER | Quote | Chart | News | PowerRating -- On November 26, the Commission issued an Order Instituting Cease-and-Desist and Exemption Suspension Proceedings, Making Findings, Imposing a Cease-and-Desist Order, and Permanently Suspending the Regulation E Exemption Pursuant to Section 9(f) of the Investment Company Act of 1940 and Rule 610(c) of Regulation E (Order) against Renew Energy Resources, Inc. (Renew Energy). The Order finds that Renew Energy had, among other things, issued rights to purchase its securities without expiration to non-security holders, issued prohibited non-voting stock, and issued securities for services or property other than cash. As a result, Renew Energy violated Sections 18(d), 18(i), and 23(a), respectively, of the Investment Company Act. In addition, Renew Energy failed to obtain a fidelity bond, as required under Section 17(g) of the Investment Company Act and Rule 17g-1 thereunder. Finally, Renew Energy failed to comply with Rule 609 of Regulation E because it did not file offering-status reports on Form 2-E in connection with securities offerings under Regulation E commenced in August 2004, September 2004 August 2005, and October 2005.

Based on the above, the Order permanently suspends the Regulation E exemption and orders Renew Energy to cease and desist from committing or causing any violations and any future violations of Sections 17(g), 18(d), 18(i), and 23(a) of the Investment Company Act and Rule 17g-1 thereunder. Renew Energy consented to the issuance of the Order without admitting or denying any of the findings. (Rel. 33-8986; IC-28523; File No. 3-13303)

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