Billion dollar solar ponzi scheme in California

What could go wrong?

The conspirators pulled off their scheme by selling solar generators that did not exist to investors, making it appear that solar generators existed in locations that they did not, creating false financial statements, and obtaining false lease contracts, among other efforts to conceal the fraud. In reality, at least half of the approximately 17,000 solar generators claimed to have been manufactured by DC Solar did not exist.

The forfeiture included seizing and auctioning 148 of the Carpoffs’ luxury and collector vehicles, including the 1978 Firebird previously owned by actor Burt Reynolds. This historical auction resulted in recouping approximately $8.233 million for victims. In addition to their collection of luxury and collector vehicles, Jeff and Paulette Carpoff used money from the scheme to pay for a minor-league professional baseball team and a NASCAR racecar sponsorship; to purchase luxury real estate in California, Nevada, the Caribbean, Mexico, and elsewhere; a subscription private jet service; a suite at a professional football stadium; and jewelry.

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18 Responses to Billion dollar solar ponzi scheme in California

  1. Tony Tea

    Carpoff? Ripoff, more like.

  2. Leo G

    The conspirators pulled off their scheme by selling solar generators that did not exist …

    Companies are always looking for that novel idea that distinguishes their product from the competition.

  3. Professor Fred Lenin

    When are they going to the electric chair? It is powered by coalfired electricity ,it would be cruel to excecute them by solar power or even wind power one must be humane ,mustnt one .

  4. Pete of Perth

    These guys are amateurs compared to the our pollies.. 50 billion for subs that will never work.

  5. Colin Suttie

    It wasn’t really a Ponzi scheme though was it – the early investors weren’t paid out with later investors’ money. More like massive tax fraud with nobody checking (including Warren Buffet).

  6. classical_hero

    https://youtu.be/CV2ZEt2RRbY

    Here’s Tony Heller’s take on the situation.

    Yet another green energy scandal. Why do so many green companies turn out to be fraud?

  7. [sarc] Is this the first ever failed Green scheme? [/sarc]

  8. Here’s an interesting article that kind of sounds too good to be true:

    The first person in the world to have a Tesla Powerwall battery pays just 46 cents a day for power

    What aren’t we being told?

  9. Rafe Champion

    Yes Colin, don’t know why it was called a ponzi. Interesting story but false heading:)

  10. The Barking Toad

    California deserves this

  11. Leo G

    The first person in the world to have a Tesla Powerwall battery pays just 46 cents a day for power

    What aren’t we being told?

    Possibly that the lifetime energy cost of producing, maintaining and recycling the Tesla battery cells exceeds the energy delivered by the battery system over its life.

  12. …lifetime energy cost…

    Not forgetting the cost of the solar panels and power wall, plus the subsidies required to make even the purchase viable in the first place. All well and good if you can afford it.

  13. H B Bear

    It wasn’t a ponzi. They bought a smug superiority.

    Sucked in Californians..Stick to pron.

  14. NuThink

    The first person in the world to have a Tesla Powerwall battery pays just 46 cents a day for power

    Everyone else pays for this person.

  15. Leo G

    Yes Colin, don’t know why it was called a ponzi.

    DC Solar sold the non-existent generators to investment companies then leased them back, using capital generated by the sales to pay lease income to earlier investors.

    According to court documents, Karmann, a certified public accountant, joined the company in 2014 and became its Chief Financial Officer (CFO). Karmann and his co-conspirators used fraudulent financial statements and other false information to hide from investors the company’s use of later investor payments to pay financial obligations the company made to earlier investors—in a classic Ponzi scheme

  16. PB

    Carpoff……

    ’nuff said.

  17. Squirrel

    “The conspirators pulled off their scheme by selling solar generators that did not exist to investors…”

    This, of course, sums up the essential difference between free enterprise, rugged individualist ‘Merica and nanny state convict colony ‘Straya – we would require elaborate and lavishly taxpayer-funded gummint programs to make something like this happen, but they can do it all without the dead hand of the state……

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