An attorney representing the Arkansas Securities Department confirmed to 40/29 News that it is currently investigating Jody Davis, CEO of Dragonfly Industries International. The attorney would not comment about the details of the investigation.
Court documents show the Securities Department is ordering a non-profit company to turn over documents and records related to Dragonfly Industries and Davis.
Davis told 40/29, “Our legal team is working very closely with the Arkansas Securities Department to determine if any acts were violated,” he said, “Once determinations are made Dragonfly will work to rectify any errors.”
Davis says Dragonfly Industries was working to develop technology as part of a wind farm project in the Elm Springs area. After Elm Springs voters rejected a land annexation, the company decided to drop the project. Davis says the Texas-based company will now focus its efforts in Florida and on the technology surrounding its jet engine wind turbine prototype.
Further details about the Securities Department investigation are not available at this time. The department was created to regulate securities and financial markets in Arkansas.
The proposed wind farm project became a controversial topic in Elm Springs after nearby land owners voiced concerns about property values and Davis’s criminal past. In 2009, Davis served time in federal prison after pleading guilty to Wire Fraud and Money Laundering.
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