A Grady County inventor was recently ordered to repay $270,000 to nearly 30 investors stemming from a 2018 civil lawsuit filed in Oklahoma County District Court by the Oklahoma Department of Securities.
On July 27, District Judge Richard Ogden ordered Stacy Wayne Travis of Chickasha to repay the investors for funds provided for Travis’ work on a gravity-powered electricity generating system. The Oklahoman reports that nearly 160 investors provided funds for the project between 2010 and 2015.
The Oklahoma Department of Securities sought payment of a $250,000 civil penalty for allegedly violating state and federal investment laws in addition to the return of more than $2.2 million to all of the investors who supported Travis’ creation of a commercially viable, gravity-powered electrical generating system.
