Ponzi Record

United States ยท To 2018 (sources reviewed do not give an exact start)

DC Solar mobile solar generators

The US Attorney's Office said Carpoff and others lied to investors about demand and lease revenue for mobile solar generators, paid older investors' supposed lease returns with money from new investors, and kept selling generators that did not exist. It said at least half of the roughly 17,000 generators DC Solar claimed to have made did not exist.1

Losses as statedThe US Attorney's Office said investors were defrauded of about $1 billion.1
Victims as statedNot stated in the sources reviewed.
Recovered for investorsThe US Attorney's Office said on 9 November 2021 that about $120 million in assets had been forfeited, that it intended to seek to use them for restitution, and that an auction of 148 seized vehicles recouped about $8.233 million. A distribution amount was not confirmed.1

People and outcomes

Jeff Carpoff

Pleaded guilty on 24 January 2020 to conspiracy to commit wire fraud and money laundering. Sentenced on 9 November 2021 by Judge John A. Mendez to 30 years in prison.1

Response: Carpoff pleaded guilty, according to the US Attorney's Office.1
Paulette Carpoff

Pleaded guilty on 9 November 2021 to conspiracy to commit an offence against the United States and money laundering. Sentenced by Judge John A. Mendez to 11 years and three months in prison, the US Attorney's Office announced on 28 June 2022.1,2

Response: She pleaded guilty, according to the US Attorney's Office.1,2

Timeline

  1. Joseph Bayliss and Ronald Roach plead guilty.1
  2. Jeff Carpoff pleads guilty.1
  3. Jeff Carpoff sentenced to 30 years in prison.1
  4. Paulette Carpoff sentenced to 11 years and three months in prison.2

Sources

  1. US Attorney's Office, Eastern District of California, DC Solar owner sentenced to 30 years in prison for billion dollar Ponzi scheme (9 November 2021)
  2. US Attorney's Office, Eastern District of California, DC Solar owner sentenced to over 11 years in prison for billion dollar Ponzi scheme (28 June 2022)