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by Mike Caswell

The U.S. Securities and Exchange Commission has filed civil fraud charges against a group of former executives at Lime Energy Co., claiming that they improperly recognized millions of dollars in revenue in 2010 and 2011. The group, which includes a Canadian named Karan Raina, placed revenue on the books for projects before the company had earned the money and in some cases before the customer had even agreed to the work, the SEC claims. Lime later had to restate its results, removing $33-million in revenue. (All figures are in U.S. dollars.)

The allegations are contained in a civil complaint that the SEC filed on Monday, Oct. 17, in the Southern District of New York. The complaint identifies Lime as a New Jersey company that provides energy efficiency services. At the time of the activity it traded on the Nasdaq. (It is now on the lowly OTC Markets.) The complaint also names four employees who were fired in August and November, 2012. Among them is Mr. Raina, 32, the lone Canadian defendant. The SEC identifies him as an employee of Lime from 2008, who held the title of director of operations.

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