Rhino Onward International, also known as ROI, launched in 2022 with promises of becoming a major player in Green Hydrogen production. However, investors have now filed a lawsuit alleging that the founders, Paul Croft and J.D. Frost, misused the funds raised from over 200 investors. The lawsuit claims that the duo diverted the investors’ money to fund their extravagant lifestyles, collect luxury cars, pay off debts, and even lend money to a professional hockey player.
The pair raised a total of $46 million through phony renewable energy investment schemes, but only invested $200,000 in the actual business. Many of the investors were clients of Croft & Frost, their accounting and tax advisory business, who believed in ROI’s legitimacy. Croft and Frost abruptly shut down their business in September 2023, leaving investors and employees stranded. The company’s website is still up, but ROI has essentially ceased to exist.
Croft and Frost are facing multiple lawsuits, including a class action complaint and federal lawsuits filed by investors who were allegedly defrauded. The pair had promoted themselves as financial gurus, with Croft claiming to be a billionaire on a podcast in 2022. However, records show that his wealth may not be as substantial as he claims, as he took out a mortgage for an $800,000 home purchase in 2021.
Frost, on the other hand, portrayed himself as a faith-driven financial advisor guided by Christian ethics. He had a popular YouTube channel where he offered advice to entrepreneurs and small business owners. Frost was able to persuade investors, like a single mom and real estate broker, to invest their savings into ROI, leading to significant financial losses for them.
The duo’s scheme involved various ventures, including Solarcode Investments and Well Fund, which were used as precursors to ROI. They used sophisticated investor documents and investor video calls to convince investors of ROI’s legitimacy, even as they asked for more money to keep the business afloat. Croft and Frost’s actions have resulted in financial ruin for many investors, employees, and even professional hockey player Robin Lehner.
Despite the legal troubles they face, Croft and Frost have not deactivated their social media accounts, which still display images of their extravagant lifestyles. The legal battle continues, with class action lawsuits scheduled to proceed, and the investors seeking justice for their losses. Their elaborate scheme has left a trail of destruction, with many left wondering how such fraud could have been carried out for so long without being detected.
