A California man was sentenced Tuesday to 30 years in prison after pleading guilty to conspiracy to commit wire fraud and money laundering in connection with a billion dollar Ponzi scheme.
A California man was sentenced Tuesday to 30 years in prison after pleading guilty to one of the biggest criminal fraud schemes in the state, according to the U.S. Justice Department.
Carpoff was an owner of DC Solar, which manufactured solar generators that "were promoted as able to provide emergency power to cellphone towers and lighting at sporting events," according to aThe generators were attractive to investors because they came with generous federal tax credits since they were solar.
"At least half of the approximately 17,000 mobile solar generators claimed to have been manufactured by DC Solar did not exist," the statement said.“Jeff Carpoff orchestrated the largest criminal fraud scheme in the history of the Eastern District of California,” said Acting U.S. Attorney Phillip Talbert. “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.
He bought a NASCAR team, a minor-league professional baseball team, international real estate, a suite at a professional football stadium and a subscription to a private jet service.
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