Out on the campaign trail and in his T.V. adds Casten presents himself as a clean energy entrepreneur and a successful businessman.
But nothing could be closer to the truth. He says he's an outsider to "bring a common-sense approach to the job" for which he is highly qualified.
However in 2015, Casten was hit by a law suit from an investor in Recycled Energy Development. Casten was the company president and CEO. His company converted emissions from power plants into energy. The lawsuit contained allegations of mismanagement against Casten and his leaders for "baseless accounting manipulation," "inflated salaries," "improperly inflated bonuses," and irresponsible spending."
Casten settled with investors management firm. But preferred interest holders were given their investment plus their interest, common interest investors were not compensated.
Casten denied the allegations given in court saying "Everything that was said there was false. Period."
U.S. Rep. Peter Roskam running against Casten says "Casten is not ready to lead and has not been forthright with voters." "That is a big red flag and it speaks of being entrusted to something. The people who entrusted him with investments found him not to be trustworthy."
The race has national implications. It is viewed by both Republicans and Democrats as crucial to determining control of the house.
George Polk and his company Tulum Management filed the law suit, alleged that Casten manipulated financial results at RED(Recycled Energy Development) "in order to paint an optimistic financial picture that was simply unsupportable." The suit called the family leadership a "reign of error" and more focused on "ego gratification."
The suit was settled out of court. "We sold it under an agreement that every single investor, including Mr.Polk, agreed to because they thought that was an economically good thing to do ." Casten said, "So at the end of the day, I met my obligations to everybody who was out there."
Preferred interest investors received their principal plus 15% annual interest. Common interest holders received little or none of their interest.
Why report this? Because it shows irresponsibility upon Casten in running his business and that his mismanagement was a substantial loss to investors.
In 2000-2007 Casten was president and CEO of Turbosteam, a company that specialized in design and sale of equipment to recover waste energy and turn it into electric power. Turbosteam was a subsidiary of RED Polk's investment firm said in court "it violated the operating agreement by authorizing the inappropriate transfer of funds in May 2012. This was to prop up Turbosteam, which was in the zone of insolvency and facing imminent bankruptcy.
"The overall impact of the Castens mismanagement is substantial" "under all of the assets in the Catens "reign of error" have yielded at least 20% loss in cash flows- and in some cases 80% less cash flow- than originally projected and several- are now inactive and thus effective write offs."
The list of failures are numerous, but all of this proves, Casten is not a good business manger and could be a destructive force in the chair of our government! Leadership is a quality needed to make us feel assured this person can handle the office and be an effective leader as a Representative of the house.
It not only is fearful it is downright scary to put this man in a power position of running our government. In any position, one must prove themselves capable of doing the job. This man does not meet the criteria need and also shows he has a tendency towards dishonesty. Not to forget he is linked to Mike Madigan. Do you want the two on the north side running things?
Sean Casten is not the man for this job He has not proven himself the man who can handle this job. Better to choose a man who has all ready proven himself U.S. Rep. Peter Roskam
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