"He had a tendency to make impressive statements, which on further investigation or consideration were not quite what they seemed," she said of Storey.
The judge cited as an example that when cross-examined about a claim to the media in February that 90 million cans had been produced, Storey explained that Rich "had produced 90 million cans, but had not yet filled and sold them".
Rich Energy said on its Twitter feed that it was disappointed with the judgment.
"We are considering all of our legal options, including appeal," the company added.
Rich Energy tried to buy Force India (now Racing Point), to some scepticism from F1 insiders, when that team went into administration last year. They were also in talks with struggling former champions Williams.
Storey shrugged off those who questioned the company's fundamentals at the Haas team launch in February and said Rich had a presence in 43 countries.
Haas's drivers are Frenchman Romain Grosjean and Denmark's Kevin Magnussen.