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KR Sridhar, co-founder and CEO Bloom Energy. Photo by Kim Kulish/Corbis via Getty Images.

Fuel cell maker Bloom Energy recently filed to go public, but the beneficiaries may include two men who defrauded Bloom investors nearly a decade ago, according to a note in its IPO filing.

Bottom line: The Silicon Valley-based company won't explain why it will issue new shares to the co-founder of a now-defunct "placement agent" that was fined by the federal regulators over its Bloom-related activities.

History

Bloom once was among the most prolific users of Advanced Equities, a Chicago-based firm that helped private companies raise big money from small investors. But AE was long known to be a boiler room-type operation, and it eventually disappeared after it and its two co-founders were nailed by the SEC for lying to investors while raising money for Bloom.

AE's pooled investments in Bloom were ultimately transferred to another manager (Connecticut-based Spruce Investment Advisors), and currently represent a 6.55% ownership stake.

There also were additional complications for the individual investors, as neither AE nor Bloom were terribly responsive at the time.

Present Day

All of which leads us to a bizarre note in Bloom's S-1 about how it will issue 200,000 shares of Class B common stock to Dwight Badger and Keith Daubenspeck, the very AEI co-founders who defrauded Bloom investors.

Bloom refers to it as a "dispute settlement," although we've been unable to find any relevant legal complaints. Moreover, the settlement came in June 2014, which is years after AE went bust.

A source very close to the company says he has no idea why Bloom would further compensate the pair, and Bloom is declining comment via an outside spokeswoman.

Go deeper

Updated 3 hours ago - Politics & Policy

Arizona GOP's private recount of 2020 election confirms Biden's win

Contractors working on behalf of the GOP examine and recount 2020 ballots at Arizona Veterans Memorial Coliseum in Phoenix in May. Photo: Courtney Pedroza/Getty Images

In an odd coda to the 2020 election, private contractors conducting a GOP-commissioned recount in Arizona confirmed President Biden’s win in Maricopa County.

Why it matters: The unofficial, party-driven recount has been heavily covered on cable news as part of former President Trump's continued effort to sow doubt about the election result.

Del Rio bridge camp empty following Haitian migrant surge

A boy bathes himself in a jug of water inside a migrant camp at the U.S.-Mexico border on Sept. 21 in Del Rio, Texas. Photo: John Moore/Getty Images

The last migrants camping under the Del Rio International Bridge, which connects Texas and Mexico, departed on Friday, Homeland Security Secretary Alejandro Mayorkas announced during a White House press briefing.

Driving the news: Thousands of migrants, mostly from Haiti, had arrived to the makeshift camp after crossing the southern border seeking asylum. Roughly 1,800 migrants will now head to U.S. Customs and Border Protection processing centers.

White House says it expects federal contractors to be vaccinated by Dec. 8

Photo: Stefani Reynolds/Bloomberg via Getty Images

The White House said in new guidance Friday that it expects millions of federal contractors to be vaccinated against the coronavirus no later than Dec. 8.

Why it matters: Companies with federal contractors have been waiting for formal guidance from the White House before requiring those employees to get vaccinated, according to Reuters.