A Lafayette lawyer for the shuttered DC Solar company at the heart of a nearly $1 billion fraud case has been indicted by a federal grand jury in Sacramento.
A lawyer for the shuttered DC Solar company at the heart of a nearly $1 billion fraud case has been indicted by a federal grand jury in Sacramento.
The indictment was unsealed Monday after Lauer’s arrest. He was booked into Sacramento County Jail on Monday but was released, jail records showed. Talbert said a key part of the fraud was that investors would never actually take possession of the generators. Instead, DC Solar typically leased those generators back from the investors, and claimed to sublease them to third parties to generate revenue. In reality there was very little actual third-party rental demand for the generators. However, when Lauer and the other co-conspirators learned this, they continued to tell investors that the rental market for the generators was robust.
Between March 2011 and Dec. 18, 2018, investors collectively invested some $760 million and several financial institutions and other investors transferred collectively $153 million to DC Solar as part of related transactions for the purchase and lease of generators. In total, DC Solar closed transactions with investors that contributed more than $912 million to buy generators. Those transactions supposedly involved approximately 17,000 generators, believed to be valued at $2.5 billion.
The case is the product of an investigation by the FBI, IRS Criminal Investigation, and the Federal Deposit Insurance Corporation Office of Inspector General. Assistant U.S. Attorney Audrey Hemesath leads to prosecution.Feds up reward money, now offer $150,000 for information leading to arrests of suspects who target Bay Area mail carriers
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