The co-owners of a California-based solar company pleaded guilty in a $1-billion Ponzi scheme.
Jeff Carpoff had a lot to celebrate as friends and business associates gathered at his company’s Christmas party last year.
DC Solar, however, built and leased only a fraction of the roughly 17,000 mobile units it claimed were in use, authorities allege. Instead, DC Solar used money from new investors to pay off old ones, according to a“This is a sad day for the Carpoffs,” Malcolm Segal, a lawyer for Jeff Carpoff, said in a telephone interview. “The business started with the best of intentions.”The proceeds also fueled the Carpoffs’ personal spending, authorities said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Billionaire George Soros Pledges $1 Billion University Fund To Fight ‘Would-Be Dictators’I am a wealth reporter at Forbes, based in London covering the business of billionaires, philanthropy, investing, tax, technology and lifestyle. I studied at Goldsmiths, University of London and joined from Spear's Magazine, where I covered everything from the Westminster bubble to world of wealth management, private banking, divorce law, alternative assets, tax, tech and succession. Notable bylines include an investigation into Switzerland's bi-lateral bonds to the European Union, and a journey through Bhutan - testing the hunger for democracy, and the love for their King. I joined Forbes in May 2019.
Read more »
Bernie Sanders' wealth tax would raise $1 trillion less than he estimates, Wharton study showsA study from the Wharton School finds that Sanders' wealth tax on will generate $1 trillion to $1.5 trillion less than claimed.
Read more »
Neobank Judo reached $1 billion in deposits just nine months after receiving its license - Business InsiderJudo Bank has hit $1 billion in term deposits in its first nine months of operation, the neobank anticipates an acceleration in deposit growth.
Read more »
How this couple used side hustles to pay off $144K debtOnce they were debt-free, the Hartzogs were able to purchase a new car and pay it off in one year.
Read more »