IF YOU WERE CHEATED BY SOLAR WOLF, THERE'S ADDITIONAL INFORMATION AVAILABLE TO HELP!
Did the owner of Solar Wolf transfer money out of the company before bankruptcy filing?
Published Feb. 13, 2023
YARMOUTH — There has been another twist in the Solar Wolf Energy bankruptcy proceedings.
Between April 2021 and May 2022, Ted Strzelecki signed contracts with and collected money from 55 Yarmouth residents without completing, and in some cases not even beginning, solar installations. Strzelecki, who owns Auburn-based Solar Wolf Energy, filed for Chapter 7 bankruptcy in September 2022.
Now it appears that Strzelecki transferred significant funds into bank accounts and a TD Ameritrade account just prior to filing for bankruptcy. Those funds and transfers were not reported in his Statement of Financial Affairs, a document that is required in bankruptcy filings.
Strzelecki is barred from doing business in Connecticut. He's also fighting lawsuits in Massachusetts.
It's not the first time Ted Strzelecki has been in court. Strzelecki and his wife, Julie, filed for bankruptcy in July 2008. Strzelecki completed a personal financial management certificate and his debt was discharged in March 2010.
Connecticut Attorney General William Tong barred him from doing in business in Connecticut in 2022. He has not completed solar installations for customers in other towns in Massachusetts and Rhode Island.
The Worcester Business Journal reported on July 8, 2021 that Solar Wolf Energy was hit with three lawsuits seeking a total of $863,605 in damages and restitution. Lawsuits were filed in Worcester Superior Court and the U.S. District Court of Worcester alleging a failure to pay marketing services, and breach of lease and damages.
The latest development in the Yarmouth case came on Jan. 3, when Trustee Joseph Baldiga filed a motion to conduct an examination of Strzelecki’s assets and prepetition financial affairs. According to court documents, Baldiga confirmed that significant funds were transferred to a TD Ameritrade account prior to Strzelecki filing for bankruptcy.
What to know about the Solar Wolf caseSolarize Yarmouth clients have unfinished projects, lost payments
Here's what we know about the money.
The motion for examination included the following additional details:
The motion includes examination of accounts with Citizens Bank, National Association, Centerville Bank, Avidia Bank, and TD Ameritrade.
Strzelecki offered several different explanations of what the TD Ameritrade account was for and who the beneficiary was during a creditor meeting in December 2022.
Centerville bank account statements showed $64,000 one month and $2,000 two months later. A statement was not provided for the month in between.
AG inquiry into Solar WolfAG inquiry into Solar Wolf sought. Yarmouth to fight until 'local customers ... made whole'
Baldiga requested information several times since September for bank statements, copies of check images, logins for QuickBooks, computer hard drives, and tablets, and pertinent documents that Strzelecki promised to provide, but never did.
Strzelecki failed to indicate dates for several bank account closures on his paperwork.
Solar Wolf ceased operations in May, 2022, but Strzelecki continued to take deposits from Yarmouth customers.
According to the Statement of Financial Affairs that Strzelecki filed, Solar Wolf had $681,024 in gross sales revenue in the first four to five months of 2022.
Yarmouth:Customers left high and dry by Solar Wolf Energy urged to contact AG's office
What happens to Solar Wolf customers now?
According to Baldiga there are six secured creditors and 233 unsecured creditors as of January 2023. Baldiga told unsecured creditors that it was unlikely they would see any reimbursement. Residents have the option of applying for the Home Improvement Contractor Arbitration and Guaranty Fund, but there are eligibility requirements and maximum reimbursement amounts.
The next creditor meeting is scheduled for Feb. 22 at 3 p.m. To access the meeting, call 877-522-2542, then enter participant code 6423133#.
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