Lavish vacation homes, vintage cars, private Pitbull concert, pro baseball team: DC Solar owners ple

[IsailedawayfromFR]

The owners of a once-mighty Benicia solar company pleaded guilty Friday to running what federal prosecutors describe as a massive Ponzi scheme that raked in more than $900 million.

Jeff and Paulette Carpoff, of Martinez, pleaded guilty in a Sacramento federal courthouse Friday morning, according to prosecutors. The two were charged Wednesday with conspiracy to commit an offense against the United States and money laundering. Both charges center on DC Solar, which the Carpoffs owned.

Jeff Carpoff now faces up to 30 years in prison, while Paulette Carpoff faces a maximum of 15 years.

“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,” said U.S. Attorney McGregor Scott, whose office prosecuted the case.
https://www.mercurynews.com/2020/01/23/owners-of-dc-solar-to-plead-guilty-in-billion-dollar-ponzi-scheme-bought-nascar-sponsorship-private-pitbull-concert-pro-baseball-team/

Another solar company that was fraudulent.

How many times does the taxpayer have to take a hit before we shut down the entire enterprise of giving cash to solar companies?

[Joe Wooten]

Another solar company that was fraudulent.

How many times does the taxpayer have to take a hit before we shut down the entire enterprise of giving cash to solar companies?

There are too many Congresscritters in on the graft for it to stop any time soon

[sneakypete]

Another solar company that was fraudulent.

How many times does the taxpayer have to take a hit before we shut down the entire enterprise of giving cash to solar companies?

Let's see,here. There are 100 US Senators,435 congresscritters,and they have an undetermined number of children.

Plus local and state representatives,and their children.

Gonna be a while yet.

[andy58-in-nh]

Whoever said "crime doesn't pay" lacked for imagination.

At the very least he didn't see where our Congress was headed: a perfect scheme, whereby government influence would be purchased by relatively small donations from interest groups in exchange for truckloads of taxpayer cash... but with the cost passed along to a politically-impotent minority (the same taxpayers) and enforced by payments of other unearned benefits to political majorities. And all the while, the perpetrators of the scheme use their sycophantic news media to portray any objectors (again, taxpayers) as selfish and ignorant.

It used to be called "corruption".   

[Joe Wooten]

Whoever said "crime doesn't pay" lacked for imagination.

At the very least he didn't see where our Congress was headed: a perfect scheme, whereby government influence would be purchased by relatively small donations from interest groups in exchange for truckloads of taxpayer cash... but with the cost passed along to a politically-impotent minority (the same taxpayers) and enforced by payments of other unearned benefits to political majorities. And all the while, the perpetrators of the scheme use their sycophantic news media to portray any objectors (again, taxpayers) as selfish and ignorant.

It used to be called "corruption".

Still is, except unless dhimmicraps are involved.....

[PeteS in CA]

https://sfist.com/2020/01/24/bay-area-couple-to-be-jailed-for-massive-ponzi-scheme-worth-1-billion/

Bay Area Couple To Be Jailed For Massive Ponzi Scheme Worth $1 Billion

A Martinez couple who was operating a seemingly legitimate business selling solar generators pleaded guilty Friday to various charges stemming from a Ponzi scheme that netted them $1 billion in fraudulent income — affording them an extremely lavish lifestyle.

Jeff and Paulette Carpoff launched DC Solar in Benecia to provide trailer-mounted, mobile solar generators for off-grid uses — like for large outdoor events, emergency situations, and more. But, as the Associated Press reports, "the company morphed into a Ponzi scheme by telling investors they can take advantage of federal tax credits by leasing the generators back to DC Solar, which would then provide them to other companies for their use." The couple was caught taking money from new investors to pay off original investors, taking in $2.5 billion in investment transactions over a seven-year period, beginning in 2011.

Investors included Warren Buffet's Berkshire Hathaway Inc., which reportedly lost $340 million in the scheme.

The house of cards had to come crashing down, and now the Carpoffs face decades in federal prison, as well the forfeiture of all their assets, worth around $120 million — the largest criminal forfeiture in the history of of this federal district, according to U.S. Attorney McGregor Scott, whose office prosecuted the case. In addition to houses in Tahoe, Las Vegas, and the Caribbean, all purchased with cash, the Carpoffs owned a fleet of 150 collector cars, and more.

This really is a national-level story since, like Solyndra, it illustrates how game-able government and private wishful-green-thinkers are. The question people should be asking is not, "How did they do it?" but, "How many more?"

[PeteS in CA]

https://www.powerlineblog.com/archives/2020/01/is-green-energy-a-ponzi-scheme.php

IS “GREEN” ENERGY A PONZI SCHEME?
POSTED ON JANUARY 26, 2020 BY JOHN HINDERAKER

The key point: the fraudsters “[told] investors they can take advantage of federal tax credits by leasing the generators back to DC Solar.” Wind and solar energy are inefficient, unreliable and uncompetitive. They exist only because of a complex web of subsidies and mandates that have turned “green” energy into the great cronyism scam of the 21st century. No wonder it was plausible to “lessees” that it made sense to lease the mobile solar generators back to DC Solar in order to take advantage of federal tax credits. For all I know, it could be true.

The owners of DC Solar are going to jail. But the real malefactors, the businesspeople, activists and politicians who promote subsidies and mandates for “green” energy, are still walking around freely, soaking taxpayers and electricity ratepayers while lining their own pockets. What they are doing is not exactly a Ponzi scheme, but it is infinitely more destructive than the billion-dollar fraud perpetrated by the owners of DC Solar.

A "service" that:

* Cannot provide the kind of continuous ("baseload") power users need;

* Occupies vast amounts of wilderness/remote land;

* Ties up enormous production capacity;

* Burdens waste and recycling capabilities and capacities.

What's not to love?

[IsailedawayfromFR]

https://www.powerlineblog.com/archives/2020/01/is-green-energy-a-ponzi-scheme.php

IS “GREEN” ENERGY A PONZI SCHEME?
POSTED ON JANUARY 26, 2020 BY JOHN HINDERAKER
A "service" that:

* Cannot provide the kind of continuous ("baseload") power users need;

* Occupies vast amounts of wilderness/remote land;

* Ties up enormous production capacity;

* Burdens waste and recycling capabilities and capacities.

What's not to love?

You might mention it benefits mostly Chinese manufacturers who make the components, as well as the Chinese who mine most of the rare earths required in critical components.