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McAuliffe lawyers, accountants sort GreenTech stock amid federal investigations

By   /   December 10, 2013  /   News  /   No Comments

Part 71 of 76 in the series Terry McAuliffe - Carmogul
VALUATION: Terry McAuliffe says his lawyers and accountants are working on the disposition of his GreenTech stock holdings.

VALUATION: Terry McAuliffe says his lawyers and accountants are working on the disposition of his GreenTech stock holdings.

By Kenric Ward | Watchdog.org Virginia Bureau

RICHMOND, Va. — Gov.-elect Terry McAuliffe pledges to run a “transparent” administration. As Inauguration Day approaches, his holdings in an electric car startup and its related companies are less clear.

To avoid potential conflicts of interest, the Democrat pledged to put his investments into a blind trust, or to liquidate them. In the case of stock in Virginia-based GreenTech Automotive, McAuliffe, the electric-car company’s former chairman, said through a spokeswoman last month that he will divest his shares.

On Wednesday, McAuliffe confirmed that his “lawyers and accountants are working on” the blind trust and were “in the process” of liquidating holdings that could present a conflict of interest. He did not respond to Watchdog’s question about the value of his GreenTech holdings.


A company prospectus in March listed McAuliffe as the “largest individual shareholder.” The Washington Post reported that McAuliffe owns “more than $250,000 in GreenTech stock.” The stock is not publicly traded, and the share value is unknown.

According to the prospectus, “federal and state law requires that (as governor) he resign all positions with GTA and appoint a representative to vote his shares of GTA’s parent,” WM GreenTech Automotive Corp.

Watchdog reported last April that McAuliffe also held a stake in another GTA parent company, Capital Wealth Holdings, based in the British Virgin Islands.

The U.S. Securities and Exchange Commission currently is investigating GreenTech’s use of the federal EB-5 visa-investor program, which raises funds from foreign nationals in exchange for U.S. green cards.

The March prospectus stated that the company had received about $46 million from EB-5 investors, with a goal of raising $60 million.

The Department of Homeland Security’s Office of the Inspector General is investigating the U.S. Citizenship and Immigration Services and its director, Alejandro Mayorkas, over their handling of the EB-5 program.

Watchdog reported in July that McAuliffe used his political connections to prod USCIS to expedite EB-5 approvals.

In April, GreenTech sued Watchdog.org for $85 million, alleging that its reporting defamed the company and damaged investor relations. McAuliffe was not named in the case.

Three days before GreenTech filed that suit in a Mississippi court, company CEO Charles Wang announced that McAuliffe had stepped down as chairman — four months earlier.

Kenric Ward is chief of Watchdog’s Virginia Bureau. Contact him at kenric@watchdogvirginia.org or at (571) 319-9824. @Kenricward

Part of 76 in the series Terry McAuliffe - Carmogul
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  2. VA: Media echo Watchdog exclusive on McAuliffe’s electric car maneuvers
  3. No news here: PolitFact brands Terry McAuliffe’s electric-car claim ‘false’
  4. Experts question source of McAuliffe car-company funding
  5. Terry McAuliffe on business ventures: ‘Some work, some don’t’
  6. How McAuliffe’s car company failed the Virginia test, landed in Mississippi
  7. Virginia official wants probe of McAuliffe company ‘visa-for-sale’ program
  8. McAuliffe car company sues Watchdog in libel claim
  9. Barack Obama’s GreenTech connection: Rick Wade
  10. Silence, secrecy, cops follow GreenTech’s China deal
  11. McAuliffe hones China’s crony-capitalism model in U.S.
  12. Promises keep Tunica County afloat
  13. McAuliffe company’s China hook-up: Will it work?
  14. McAuliffe car lags in Domino’s delivery
  15. McAuliffe car co. parent in off-shore tax shelter
  16. Lawmaker gives feds one more week for EB-5 answers
  17. Bolling: McAuliffe’s Mississippi package ‘attractive’
  18. Inside, execs knew McAuliffe plan had ‘substantial risk’
  19. Union darling McAuliffe and his non-union car company
  20. Did Clinton aid the birth of ‘McAuliffe’ car company?
  21. McAuliffe feels heat over GreenTech resignation
  22. TV report: One year later, ‘party is over’ at GreenTech
  23. Months after he said he left company, McAuliffe kept talking GreenTech
  24. Clinton connection: More money for McAuliffe
  25. Terry McAuliffe used loophole to avoid key SEC oversight of his car company
  26. VA officials: McAuliffe green car more politics than biz
  27. McAuliffe car company announces it’s ready to roll — again
  28. Before Watchdog, McAuliffe blamed federal officials for money trouble
  29. McAuliffe gets cash from GreenTech exec, board members
  30. Watchdog report on McAuliffe spurs FOI request to Homeland Security
  31. McAuliffe leaves GreenTech questions hanging at debate
  32. Totally wired: McAuliffe went to Napolitano to expedite company funding
  33. McAuliffe bragged about GreenTech’s cash position while begging feds for faster processing of ‘cash for visas’
  34. Investigation targets Homeland official’s relationship to McAuliffe company
  35. Even before news of federal probe, McAuliffe ducked GreenTech questions
  36. McAuliffe company pressed Homeland official on 81 investor visas
  37. Rodham company sought visa for controversial Chinese exec
  38. Immigration official says he met with McAuliffe to discuss visas for foreign investors
  39. Whiners: Mayorkas says Gulf Coast ‘continues to complain’
  40. VIDEO: Ex-GreenTech employee says little happened at Horn Lake plant
  41. Online ad to Terry McAuliffe: Drop your lawsuit
  42. National security on ‘hold’: Lawmakers press McAuliffe for answers
  43. Citizens United documentary film delves into McAuliffe, GreenTech
  44. VIDEO: Terry McAuliffe’s 15 million-square-foot car plant … in China
  45. Feds call McAuliffe car company’s use of investment program ‘possible fraud’
  46. GreenTech courted Obama’s Solyndra aide
  47. GOP legislators call for McAuliffe to answer GreenTech questions
  48. McAuliffe ‘desperate’ over documentary, Citizens United says
  49. GreenTech weighed Fisker-style federal loan
  50. Group tells Terry: Follow ‘McAuliffe Standard’ on disclosure
  51. Car and Driver races into GreenTech controversy
  52. Congressman: McAuliffe owes Virginians explanation about White House meeting
  53. Feds loosen oversight as McAuliffe car company makes mysterious management change
  54. GreenTech execs use Times and ABC to throw McAuliffe under the (non-electric) bus
  55. Aide in union contribution swap hosts California fund-raiser for McAuliffe
  56. Despite denials, docs show McAuliffe company asked feds to fast-track visa for investor tied to spy list
  57. Former Democrat Party director was on GreenTech payroll
  58. More bad news for McAuliffe car company as GreenTech China venture stalls
  59. Clinton Foundation posts deficits on McAuliffe’s watch
  60. VIDEO: GreenTech record dogs McAuliffe at energy forum
  61. Auto industry expert labels McAuliffe electric car ‘preposterous’
  62. Democratic leaders have their own Bain pain in Mideast private equity deal
  63. Hillary PAC adviser served as GreenTech spokeswoman
  64. New emails add evidence McAuliffe pressed U.S. officials to approve GreenTech funding
  65. After endorsement, Post shrinks facts to cover Terry McAuliffe
  66. Ties that bind: Following the McAuliffe-Clinton money trail
  67. McAuliffe tilts at windmills; Chinese venture goes bust
  68. Federal investigations cast shadow over McAuliffe on Election Day
  69. DHS inspector over GreenTech-McAuliffe case is under investigation
  70. McAuliffe names former GreenTech employee secretary of commonwealth
  71. McAuliffe lawyers, accountants sort GreenTech stock amid federal investigations
  72. Nuking filibusters, Dems clear way for Mayorkas at Homeland Security
  73. U.S. judge hands Watchdog a victory over VA governor’s green-car company
  74. Attorney: McAuliffe is ‘100 percent divested’ of GreenTech
  75. Investigation finds Mayorkas used visa program to help White House allies
  76. Criminal investigation sought in McAuliffe-Mayorkas dealings


Kenric Ward was a former San Antonio-based reporter for Watchdog.org.