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The former California executive has been jailed for $ 1 billion in solar fraud

A former California energy executive who was involved in a $ 1 billion solar energy scam involving the company of Warren Buffett and many others was sentenced to six years in prison on Tuesday and sentenced to $ 624 million.

Robert A. Karmann, 55, of Clayton, was the chief financial officer of DC Solar, a company based in San Francisco Bay, Benicia, which sells trailer-mounted mobile solar generators.

The company launched the generators between 2011 and 2018 because they were able to provide emergency power to mobile companies or provide lighting for sports and other events.

But company executives began telling investors that they could benefit from federal tax credits by buying generators and renting them to DC Solar, and then giving them to other companies to use them, prosecutors said.

The founders never gave much money, and prosecutors say the company launched a Ponzi scheme in which first-time investors were paid with the funds of future investors.

The company eventually stopped building mobile generators, and the prosecutor said at least half of the company’s 17,000 generators did not actually exist.

Buffett’s Berkshire Hathaway Inc. was among those who sucked the business.
DC Solar founder Jeff Carpoff was sentenced to 30 years in prison last November and fined $ 790.6 million for wire fraud and money laundering conspiracy.

His wife, Paulette Carpoff, 47, has pleaded guilty to federal charges and will be sentenced in May.

Prosecutors said Carpoff used the money to buy and invest in 32 properties, more than 150 luxury cars, a private jet service subscription, a semi-professional baseball team, NASCAR race car protection and a suite at the new Las Vegas Raiders stadium.

Another man was sentenced to three years in prison last year and three others were found guilty and awaiting sentencing.

The former California executive has been jailed for $ 1 billion in solar fraud

Source link The former California executive has been jailed for $ 1 billion in solar fraud

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