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Posted by: thepinetree on 01/26/2020 11:12 PM Updated by: thepinetree on 01/26/2020 11:12 PM
Expires: 01/01/2025 12:00 AM
:

Top Executives Plead Guilty to Participating in a Billion Dollar Ponzi Scheme—the Biggest Criminal Fraud Scheme in the History of the Eastern District of California

Sacramento, CA...The owners of DC Solar, a Benicia-based company, pleaded guilty Friday to charges related to a billion dollar Ponzi scheme— the biggest criminal fraud scheme in the history of the Eastern District of California. The government’s investigation has resulted in the largest criminal forfeiture in the history of the District with over $120 million in assets forfeited that will go to victims, and has returned $500 million to the United States Treasury, with more to come, U.S. Attorney McGregor W. Scott announced.




Jeff Carpoff, 49, of Martinez, pleaded guilty Friday to conspiracy to commit wire fraud and money laundering. His wife, Paulette Carpoff, 46, pleaded guilty today to conspiracy to commit an offense against the United States and money laundering. According to court documents, between 2011 and 2018, DC Solar manufactured mobile solar generator units (MSG), solar generators that were mounted on trailers that were promoted as able to provide emergency power to cellphone towers and lighting at sporting events. A significant incentive for investors were generous federal tax credits due to the solar nature of the MSGs.

The conspirators pulled off their scheme by selling solar generators that did not exist to investors, making it appear that solar generators existed in locations that they did not, creating false financial statements, and obtaining false lease contracts, among other efforts to conceal the fraud. In reality, at least half of the approximately 17,000 solar generators claimed to have been manufactured by DC Solar did not exist.

U.S. Attorney Scott stated: “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. This scheme also targeted the United States Treasury, and we have returned $500 million to the Treasury to date. Agents, investigators and attorneys from various federal agencies are still working to continue to return money to victims and the United States Treasury. Today’s guilty pleas sends a strong message that fraudsters will get caught and will pay for their crimes. You can run, but you cannot hide.”

The forfeiture included seizing and auctioning 148 of the Carpoffs’ luxury and collector vehicles, including the 1978 Firebird previously owned by actor Burt Reynolds. This historical auction resulted in recouping approximately $8.233 million for victims. In addition to their collection of luxury and collector vehicles, Jeff and Paulette Carpoff used money from the scheme to pay for a minor-league professional baseball team and a NASCAR racecar sponsorship; to purchase luxury real estate in California, Nevada, the Caribbean, Mexico, and elsewhere; a subscription private jet service; a suite at a professional football stadium; and jewelry.

“The Carpoffs and their co-conspirators wove a web of lies and deceit in a massive fraud scheme. Meticulous review and analysis of millions of documents revealed the operation and true intention of the scheme,” said Special Agent in Charge Sean Ragan. “The FBI is committed to our partnerships with the Internal Revenue Service Criminal Investigation, Federal Deposit Insurance Corporation Office of Inspector General, and U.S. Marshals Service. Together, we seek to uncover fraud that exploits investors and taxpayers, ensuring criminals face justice.”

“By all outer appearances this was a legitimate and successful company,” said Kareem Carter, Special Agent in Charge IRS Criminal Investigation. “But in reality it was all just smoke and mirrors — a Ponzi scheme touting tax benefits to the tune of over $900 million. IRS CI is committed to investigating those who take advantage and impact the financial well-being of others for their own personal gain.”

“The Federal Deposit Insurance Corporation, Office of Inspector General (FDIC-OIG) is pleased to join our law enforcement colleagues in announcing these guilty pleas,” stated Special Agent in Charge Wade Walters for the FDIC OIG San Francisco Regional Office. “The defendants conspired with others to create a fraudulent business venture that duped unsuspecting entities, including banks, to invest approximately $1 billion, which the two later used to support a lavish lifestyle. They also knowingly engaged in a money laundering transaction involving criminally derived property. The FDIC-OIG is committed to ensuring that those who use our Nation’s banks to undermine the integrity of the financial system will be held accountable.”

Four defendants have previously pleaded guilty to federal criminal charges related to the fraud scheme since October. Joseph W. Bayliss, 44, of Martinez, and Ronald J. Roach, of Walnut Creek, each pleaded guilty to related charges on Oct. 22, 2019. Robert A. Karmann, 53, of Clayton, pleaded guilty to related charges on Dec. 17, 2019. Ryan Guidry, 53, of Pleasant Hill, pleaded guilty to related charges on Jan. 14, 2020. A seventh co-conspirator is scheduled to plead guilty on Feb. 11. The investigation into the fraud remains ongoing.

This case is the product of an investigation by the Federal Bureau of Investigation, IRS‑Criminal Investigation, and the Federal Deposit Insurance Corporation Office of Inspector General. Assistant U.S. Attorneys André M. Espinosa and Kevin C. Khasigian are prosecuting the case.

Jeff and Paulette Carpoff are scheduled to be sentenced by U.S. District Judge John A. Mendez on May 19. Jeff Carpoff faces a maximum statutory penalty of 30 years in prison. Paulette Carpoff faces a maximum statutory penalty of 15 years in prison. The actual sentences, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.


Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
Re: Kudos
Posted on: 2020-01-27 05:31:41   By: Anonymous
 
Good! Start cleaning the house. Right on!

[Reply ]

Don't believe the fake news, Galvin is innocent
Posted on: 2020-01-27 06:27:46   By: Anonymous
 
Don't believe the fake news that these people gave close to a million dollars for Galvin Newsom's election campaign, and over $500,000 to
the 2016 Hillaryy Clinton's Presidential Election campaign. That's not the real reason the Feds started this investigation! There was nothing illegal about it, it was multiple fund raising events, not just a single secretly contribution which would be illegal. It was multiple fund raising events and multiple contributions, which is NOT illegal. Fukc what Trump said.

[Reply ]

    Re: Don't believe the fake news, Galvin is innocent
    Posted on: 2020-01-27 17:07:37   By: Anonymous
     
    green energy right?

    [Reply ]

Fraud detection
Posted on: 2020-01-27 06:34:19   By: Anonymous
 
Boy, sure wish ol' Ruben would show up right now and grace us with his insight.

[Reply ]

    Re: Fraud detection /\/\ Boy, sure wish ol' Ruben...
    Posted on: 2020-01-29 09:14:02   By: Anonymous
     
    Are you kidding? Ruben started this conversation! Just keep on laughing fool!

    [Reply ]

All these people were heavily into the DNC
Posted on: 2020-01-27 06:39:23   By: Anonymous
 
Here's one of Gavin's businesses that didn't want to leave California
I wonder why they were protected for so long?

[Reply ]

Four million dollar ring
Posted on: 2020-01-27 07:00:57   By: Anonymous
 
Kobe Bryant died in that crash, it brought memories back to me.
It was in Colorado that he raped a 19 year old girl. But the loving husband said he committed adultery not rape. So he bought his wife, Vanessa an eight carat, Four Million Dollar, I swear I love you, don't divorce me and take half, Diamond Ring. And what did he give the girl he raped? An undisclosed amount of money and an undisclosed STD
It's a good story if you've never heard of it or read it. He lied of course but unlike a Repukeilian at least he apologized and paid her off, unlike Trump and Stormy Daniels, that poor lady.
A Republican would of just gave her the STD ===D
Here's the story

https://www.outkickthecoverage.com/kobe-bryant-s-rape-case-reexamined-041116/


RIP



[Reply ]

    Re: Four million dollar ring
    Posted on: 2020-01-27 07:09:07   By: Anonymous
     


    "At this point Bryant acknowledges he slept with her and says it was “totally consensual.” What follows is a meandering description of the sex acts, which Bryant says lasted five minutes and featured him grabbing her by the throat and entering from behind. As evidence of the fact that he enjoys this position, Bryant gave investigators another woman he slept with, named Michelle, and said she could testify to his liking this position.

    Bryant said the sexual encounter ended when he asked if he could jerk off in her face — because it was his “finishing move” — but the accuser declined his offer.

    As a result the sex act ended and Bryant said, “I jerked off when she left.”

    I got pictures, wanna see'em?

    [Reply ]

      Re: Four million dollar ring
      Posted on: 2020-01-27 08:48:54   By: Anonymous
       
      Newsom says he was a great hero.

      [Reply ]

No Subject
Posted on: 2020-01-27 13:34:30   By: Anonymous
 
C'mon, regular PT readers - why no acknowledgement that these are born and bred Bay area Caucasians? Guess many of you cannot get unhappy about crime unless committed by Mexicans and illegals.

[Reply ]


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