MASSIVE SOLAR POWER PONZI SCHEME

BAY AREA COUPLE TO BE JAILED FOR MASSIVE SOLAR POWER PONZI SCHEME WORTH $1 BILLION:

A Martinez couple who was operating a seemingly legitimate business selling solar generators pleaded guilty Friday to various charges stemming from a Ponzi scheme that netted them $1 billion in fraudulent income — affording them an extremely lavish lifestyle.

Jeff and Paulette Carpoff launched DC Solar in Benecia to provide trailer-mounted, mobile solar generators for off-grid uses — like for large outdoor events, emergency situations, and more. But, as the Associated Press reports, “the company morphed into a Ponzi scheme by telling investors they can take advantage of federal tax credits by leasing the generators back to DC Solar, which would then provide them to other companies for their use.” The couple was caught taking money from new investors to pay off original investors, taking in $2.5 billion in investment transactions over a seven-year period, beginning in 2011.

Investors included Warren Buffet’s Berkshire Hathaway Inc., which reportedly lost $340 million in the scheme.

“The Carpoffs face decades in federal prison,” Or much less, since AOC assure me that mankind has less than 12 years left.

73Posted at 4:14 pm by Ed Driscoll   

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