Rhino Onward International, also known as ROI, made bold claims in 2022 that it would become a major player in Green Hydrogen production, with plans to build a plant in Arizona worth $530 million within 5 years. However, it has come to light that the founders, Paul Croft and J.D. Frost, allegedly misused investors’ funds for personal gain. A lawsuit filed in Illinois alleges that Croft and Frost diverted most of the $31 million raised from over 200 investors to themselves and their own entities, using the money to fund extravagant lifestyles and pay off debts.
The pair allegedly raised approximately $46 million through fraudulent renewables investment schemes, leading to the collapse of their tax advisory business, Croft & Frost, which abruptly shut down in September 2023. Many of the around 230 investors in ROI were also clients of Croft & Frost who believed in the legitimacy of the venture. Both Croft and Frost now face multiple lawsuits and federal investigations into their financial dealings. Frost’s attorney declined to comment on the matter, as did Croft’s attorney. The two men have promoted themselves as financial experts, but their actions seem to indicate otherwise.
Croft and Frost used their positions to convince investors to put their savings into ROI and related ventures, promising significant returns on their investments. Frost presented himself as a Christian financial advisor, but his actions have left many investors devastated. The pair allegedly used a niche strategy of filing amended tax returns for bigger refunds, enabling them to recruit investors into their fraudulent schemes. This included asking clients to invest in ventures such as Solarcode Investments, which turned out to be affiliated with professional hockey player Robin Lehner.
The collapse of ROI and Croft & Frost has left investors, employees, and clients in financial turmoil. Despite facing numerous legal challenges, Croft has not shied away from flaunting his lavish lifestyle on social media, including a collection of luxury cars. Frost has had his accounting license permanently revoked and faces significant legal judgments. The legal battle is ongoing, with class action lawsuits and investigations continuing to uncover the full extent of the alleged fraud committed by Croft and Frost in their pursuit of wealth and luxury.
As the legal process unfolds, it remains to be seen whether investors will be able to recover any of their lost funds from the collapse of ROI and Croft & Frost. The case serves as a cautionary tale of the risks of investing in ventures that promise high returns without proper due diligence. For now, the focus is on holding Croft and Frost accountable for their actions and working towards justice for those who have been harmed by their alleged fraudulent schemes.
