The U.S. Securities and Exchange Commission said Jeff Carpoff and his wife Paulette promised investors who purchased solar generators made by DC Solar that they would profit from tax credits and lease payments from end-users of the generators.
But according to the SEC, most of the generators did not exist and most of the company’s revenue came from investor funds. The Carpoffs allegedly raised approximately $910 million from 17 investors between 2011 and 2018.
“In reality, the vast majority of investor funds was not being used to manufacture, place into service, and maintain the thousands of generators that DC Solar was using as the basis for investment contracts, but was instead being pilfered by defendants Jeff and Paulette Carpoff for their personal benefit,” the SEC said in a civil complaint.
Wonder what politicians profited?
Obviously they weren’t greasing the right palms to get a whole bunch of subsidies.
Just a Ponzi scheme using “Solar” as the catch?
Be interesting to see if they actually profited from tax credits without producing anything.
Do two wrongs make a right?
A fraud upon a fraud?
For these investors,who got taken,were investing knowingly into a scheme to take the tax payers..
Maybe this couple can argue “Super Patriot” defence as they were taking the takers.
For the pestilence that is Gang Green,is enabled by both their stupidity and their wealth.
If they had to work for a living,they would be a whole lot less pretentious and annoying.
Therefore anyone who takes them for large amounts of their personal wealth,is doing Gods Work.
Saving civilization from Gang Green is no small thing.
And I did mention that Gang Green is STUPID?
Gullible and wilfully ignorant,with a track record of imposing their insane views upon everyone else..
So to not exploit such a resource,that is just not free enterprise..Why it is your duty to ensure these moonsters remain bankrupt and starving,every chance you get..
This is ethical,for they loudly and proudly proclaim their intent to do the same to you.
Save Civilization.
Starve Gang Green.
“A fraud upon a fraud?”
Precisely, JR. First thing that came to mind is that the real fraud here is solar. The fact that they successfully duped others out of their cash is secondary, peripheral & superfluous.
Cause & effect, people. Eye on the ball.
Bingo DB….
Solar is a MASSIVE Fraud….as shown by the number of defunct “industrial” solar projects in Kalifornia (& elsewhere), rusting in the sun…also locally in Medicine Hat.
The same thing applies to industrial wind. One only has to take a drive to Pincher Creek and see that on most days maybe 35% are turning….
Even those who supplant 2-3000 watts of solar with a cpl 20′ wind mills find it almost always needs to be augmented with a 5000w Diesel Genny..
Whats the point then for the significant outlay of cash…??
$ 40-65,000. (keeping in mind that an off-grid house is not wired for 115VAC….more likely 48V. Check out the cost of the appliances & a mass of Sarrett Batteries for that application….(If you can even find any these days.??)
I point to that guy with the big house on the East side of Hwy 2 just north of High River….wind mills/Solar all gone….and he still hasn’t finished his
Deck..!!
Solar is great for a small cottage or RV.
For the rest…? Feel good, virtue signalling BS.
And to think I was a sales rep for ESAB who had a near fully automated Sub Arc turbine tower production system….
Hey, Steakman.
Yeah, familiar with the Med Hat TGF. The city is literally sitting on a natural gas pool & some idiot(s) figger solar is better. Yeah, sure, Med Hat is one of the sunniest cities in the country, but grab a brain. Doesn’t anyone do a cost analysis anymore? It’s simple numbers! Mebber they went to the same math school as MT Pouch Spideyman. Also know the High River house you mention.
As far as Hiway 3 to the Pass is concerned, it just pisses me off to see my tax money tied up in all the windmills every time I drive past. Thing is, it’s getting worse. They’re starting to line Hiway 3 east of Leth towards Med Hat, too. There’s also a bunch getting transported from a railyard south of Lethbridge on Hiway 4/Hiway 52 at Wilson up Hiway 845, north of Coaldale. Don’t know the destination, but every so often you’re held up at the red light watching one of those big wings heading north.
Agreed on the cottage/RV observation. Places where there is no existing energy infrastructure make a certain amount of sense. As a replacement to carbon-based, nuclear or hydro? Not a chance.
Lethbridge Ironworks is a cast iron foundry in the city. It’ll be real interesting to see them try to make ductile with solar & windmills. Can’t make steel with it, or aluminum, either.
A billion here, a billion there.
Pretty soon it adds up to real money.
Arc,
Your memory is outstanding.
Life does not have to be so hard. I wonder why more people are not gouging the gullible greenies. I walked past that BLM mansion in Toronto the other day. That could be my mansion. We need a new crisis.
Berkshire Hathaway invested 300 million back in the day. This story is a couple years old, but I would have expected better due diligence by Berkshire. I guess rich old men can be duped as well. H
Fools and their money are soon parted. Too bad they got busted before they could afford a super yacht.
It is immoral to let a sucker keep his money.
A few years back I realized I could make a lot of money off gullible greenies. Just build a website selling carbon credits that pay for replanting trees. There’s lots of logging around here, and at the time there were programs underway to clear brush from under stocked areas for replanting. I wouldn’t have to actually plant a single tree, just take lots of photos and write lots of BS describing the “re-foresting” work going on and the amount of CO2 absorbed, then a carbon credit sales page to take credit card payments.
I figured it was just as honest and legit as the scammers who are selling carbon credits to buy up farmland to plant trees to “save the planet”. I planned to do it until I made a $million then shut down the website. But my conscience got the better of me, I couldn’t do it.
What’s a conscience?