Carbon Products
Nex-Gen LLCAbout
Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:USA v. Vance et al
The owners of Nex-Gen LLC, Douglas William Vance and Molly McKinnon were sentenced on August 21, 2023 to 174 months and 156 months, respectively, for conspiracy to commit wire fraud, multiple counts of wire fraud, and conspiracy to commit money laundering.
According to evidence at trial, from August 2016 through December 2018, Vance and McKinnon used falsified bank statements, financial reports, purchase orders, sales and production figures, and other fabricated records, to convince different investors that each owned a controlling stake in the company. The false and fabricated documents also convinced two companies to lend money to Nex-Gen, and concealed the fact that Vance and McKinnon were misappropriating both investor and lender funds. The evidence presented at trial established that Vance and McKinnon worked together to defraud multiple investors and lenders, out of more than $2 million.
Vance and McKinnon were convicted of the charges in October 2022.
Business Details
- BBB File Opened:
- 8/23/2023
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- Carbon Products
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