On January 16, 2020, a federal court judge entered a final judgment against David Aubel, of North Carolina, for his role in an alleged fraudulent scheme to manipulate the stock of a purported waste processing company. The court previously entered a final judgment by consent against Robert Raffa, of New Hampshire, related to the same scheme.

The SEC's complaint alleged, among other things, that Aubel and Raffa concealed their ownership of a significant percentage of Green Energy Renewable Solutions, Inc.'s stock in violation of SEC rules, paid stock promoters in 2012 and 2013 to tout Green Energy as a legitimate company with growing operations, and engaged in manipulative trading. Both defendants previously pled guilty and were sentenced in a related criminal case.

The judgments enjoin Aubel and Raffa from future violations of the antifraud provisions of Sections 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, the registration provisions of Section 5(a) and (c) of the Securities Act, and the beneficial ownership disclosure provisions of Section 13(d) of the Exchange Act and Rules 13d-1 and 13d-2 thereunder and Section 16(a) of the Exchange Act and Rule 16a-3 thereunder. Aubel was also ordered to pay a civil penalty of $150,000 and found liable for disgorgement of $242,553, which was deemed satisfied by the restitution order in the related criminal case. Raffa was found liable for disgorgement of $118,932, which was also deemed satisfied by the restitution order in the related criminal case.