The owner of a San Francisco Bay Area solar energy company was sentenced to 30 years in federal prison Tuesday for an audacious Ponzi scheme that defrauded investors of US$1 billion.
It's the biggest criminal fraud scheme in the history of the federal court district that covers inland Northern California, said Acting U.S. Attorney Phillip Talbert.
The government already auctioned off 148 vehicles, including the 1978 Firebird previously owned by late actor Burt Reynolds, netting more than $8.2 million. In fact, prosecutors say the generators never provided much income, and early investors were paid with funds from later investors. "He claimed to be an innovator in alternative energy, but he was really just stealing money from investors and costing the American taxpayer hundreds of millions in tax credits," Talbert said.
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