Another Obama Solar Company Burns Out – DC Solar Owners Plead Guilty To Largest Ponzi Scheme In Eastern California History

(Gateway Pundit) – Another Obama solar initiative bites the dust, but not until after stealing millions from individuals, companies and the US government.

This solar project turned into the largest Ponzi scheme in Eastern California history.

It was reported this week that the owners of a massive solar company turned ponzi scheme were indicted this week in Eastern California. According to the DOJ in Eastern California:

The owners of DC Solar, a Benicia-based company, pleaded guilty today to charges related to a billion dollar Ponzi scheme— the biggest criminal fraud scheme in the history of the Eastern District of California. The government’s investigation has resulted in the largest criminal forfeiture in the history of the District with over $120 million in assets forfeited that will go to victims, and has returned $500 million to the United States Treasury, with more to come, U.S. Attorney McGregor W. Scott announced.

Jeff Carpoff, 49, of Martinez, pleaded guilty today to conspiracy to commit wire fraud and money laundering. His wife, Paulette Carpoff, 46, pleaded guilty today to conspiracy to commit an offense against the United States and money laundering. According to court documents, between 2011 and 2018, DC Solar manufactured mobile solar generator units (MSG), solar generators that were mounted on trailers that were promoted as able to provide emergency power to cellphone towers and lighting at sporting events. A significant incentive for investors were generous federal tax credits due to the solar nature of the MSGs.

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.

U.S. Attorney Scott stated: “This billion dollar Ponzi scheme hurt investors and took money from the United States Treasury. This case represents not only the largest criminal fraud scheme in the history of the District, it also represents the largest criminal forfeiture in the history of the District with over $120 million in assets forfeited. All of this money will be returned to the victims. This scheme also targeted the United States Treasury, and we have returned $500 million to the Treasury to date. Agents, investigators and attorneys from various federal agencies are still working to continue to return money to victims and the United States Treasury. Today’s guilty pleas sends a strong message that fraudsters will get caught and will pay for their crimes. You can run, but you cannot hide.”

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.

The Wall Street Journal reported that both Berkshire Hathaway and Progressive Insurance Company invested in the phony solar firm and they obviously lost money as well.

This is not the first solar company that originated during the Obama Administration and benefited from government subsidies in the process. Solar startup Solyndra went bankrupt and swindled the US government out of more than a half a billion dollars as well.

Maybe it would be a good idea to allow free market capitalism to run things and perhaps a working solar initiative will come into fruition that won’t cost the US government billions.

Hat tip Kevin O and Charles Ortel

thegatewaypundit.com/2020/01/another-obama-solar-company-burns-out-dc-solar-owners-plead-guilty-to-largest-ponzi-scheme-in-eastern-california-history/

20 COMMENTS

  1. And, where does all that Solar and Wind Turbine junk go…Just like all those hideous huge batteries, Into Our Landfill!!!

  2. Gee, another corrupt solar company bites the dust that corrupt Obama endorsed/bailed out? Wow, what a shocker. One of the things I never agreed on how Obama went on his green crusade. You can’t just try to terminate what people are currently using, and simply expect new companies to sprout up with suddenly all kinds of green products! He gave them no path whatsoever. Just applied penalties, and just expected that the green energy companies would just sprout up overnight. All that kind of stuff takes all kinds of time, because there’s so little as it is, and when they’re extremely expensive, there’s no way the middle income and lower families can afford. His approach, and execution was just horrible. I don’t believe in man made climate change, but I do believe in trying to keep pollution down, mainly for the people, but also out of respect for the earth, we are it’s stewards. Seems pretty logical, and I think the U.S. is doing just fine. Thank heavens for Trump relaxing some of the crap that corrupt Obama put in place.

  3. It comes as no surprise that another Oby backed solar company is bogus. He probably got a kickback, just another pocket liner ripping off the taxpayers.

    • PROBABLY????? How else did the muslime baStard leave OUR house with MILLIONS and MILLIONS of dollars the giant POS!

  4. This, like China and India, will be ignored by Greta Thunberg. China and India turn out the most CO2 and do nothing about it, but so what. Now, another boondoggle with a solar power proponent, ahhh so what does that matter. As long as the U.S. is there to blame all is well.

  5. WHY IS IT ????

    Whenever an Obama Solar Company bites the dust………

    THERE IS MASSIVE FRAUD AND CORRUPTION INVOLVED??????

    THAT COULD HAVE BEEN MY SON ??????????????????????????????????????

  6. Even president Trump never sunk that low. Watch obuma will walk away smelling like a rose. A rich rose The other people will get nothing.

  7. “Maybe it would be a good idea to allow free market capitalism to run things and perhaps a working solar initiative will come into fruition that won’t cost the US government billions.‘

    Cost the U.S. Government billions?

    Isn’t this ‘We the Peoples’ money? Just Saying!

  8. WE THE PEOPLE should take all of bobo’s houses and money to repay WE THE PEOPLE for those losses!!

    I bet if folks looked close, there were buddies, etc. connected to bobo and the dnc!

  9. Only thing Romney ever said that i agree with was when he stated that when it came to picking winners and losers Obama always picked losers.

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