{"id":9286,"date":"2022-04-13T23:09:11","date_gmt":"2022-04-14T03:09:11","guid":{"rendered":"https:\/\/navesinkinternational.com\/?p=9286"},"modified":"2023-12-20T02:53:20","modified_gmt":"2023-12-20T07:53:20","slug":"panel-ponzi-prison-epilogue","status":"publish","type":"post","link":"https:\/\/navesinkinternational.com\/2022\/04\/13\/panel-ponzi-prison-epilogue\/","title":{"rendered":"Panel Ponzi Prison &#8211; Epilogue"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-7908 alignright size-medium\" src=\"https:\/\/navesinkinternational.com\/wp-content\/uploads\/2021\/11\/1926-Ford-Model-T--300x208.jpeg\" alt=\"1926-Ford-Model-T\" width=\"300\" height=\"208\" srcset=\"https:\/\/navesinkinternational.com\/wp-content\/uploads\/2021\/11\/1926-Ford-Model-T--300x208.jpeg 300w, https:\/\/navesinkinternational.com\/wp-content\/uploads\/2021\/11\/1926-Ford-Model-T--480x333.jpeg 480w, https:\/\/navesinkinternational.com\/wp-content\/uploads\/2021\/11\/1926-Ford-Model-T-.jpeg 483w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>A San Francisco couple has been sentenced to 15 and 30 years respectively for a solar panel leasing Ponzi.<\/p>\n<ul>\n<li>DC Solar Solutions was a <span style=\"text-decoration: underline;\">legitimate solar panel manufacturer<\/span>, which sold equipment for nearly a decade.<\/li>\n<li>The company notably offered <span style=\"text-decoration: underline;\">trailer-mounted panels<\/span> to be used for <a href=\"https:\/\/www.youtube.com\/watch?v=lxb4QHyCunQ\" target=\"_blank\" rel=\"noopener\">concerts and construction sites<\/a>.<\/li>\n<li>As the business grew, they offered to <span style=\"text-decoration: underline;\">lease back<\/span> those mounted panels from customers and sub-lease them to users. Customers were receiving a high income for funding the manufacturing and distribution of the equipment.<\/li>\n<li>The company created <span style=\"text-decoration: underline;\">34 investment funds<\/span> for the activity, collecting over $900m from institutionals.<\/li>\n<li>The company collected <span style=\"text-decoration: underline;\">tax credits<\/span> or let the funds&#8217; investors collect tax credit from the IRS.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><img decoding=\"async\" class=\"wp-image-7904 alignright size-full\" src=\"https:\/\/navesinkinternational.com\/wp-content\/uploads\/2021\/11\/trailer-Mounted-Panels.jpg\" alt=\"Trailer-Mounted-Panels\" width=\"200\" height=\"133\" \/>In reality, <span style=\"text-decoration: underline;\">DC Solar was unable to sublease the equipment<\/span> and they used the proceed of new sales to pay the income of other customers.<\/li>\n<li>The company actually <span style=\"text-decoration-line: underline;\">stopped producing panels altogether<\/span>, fudging inventory numbers, inspections and financials. They paid <span style=\"text-decoration-line: underline;\">bribes<\/span> to accountants, inventory managers, and lease co-signers. They forged reports sent to investors.<\/li>\n<li>There was $2.5bn of lease transactions, resulting in a <span style=\"text-decoration: underline;\">$1bn loss<\/span>.<\/li>\n<li>Even the king of value, <span style=\"text-decoration: underline;\">Warren Buffett<\/span>, fell for the trap and lost $340m.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"wp-image-7897 alignleft size-full\" src=\"https:\/\/navesinkinternational.com\/wp-content\/uploads\/2021\/11\/Jeff_and_Paulette_Carpoff-e1636551731632.jpg\" alt=\"eff_and_Paulette_Carpoff\" width=\"200\" height=\"142\" \/>Jeff Carpoff and his wife <span style=\"text-decoration: underline;\">squandered<\/span> money on <span style=\"text-decoration: underline;\">luxury and prominence<\/span>: <a href=\"https:\/\/www.motortrend.com\/news\/nearly-150-collector-cars-seized-fbi-raid-head-auction\/\" target=\"_blank\" rel=\"noopener\">150 collectible cars<\/a>, 32 houses, a baseball team, jewelry, gambling, a private jet service, parties&#8230; The couple still forfeited $120m in assets.<\/p>\n<p>&nbsp;<\/p>\n<p>When the FBI raided their homes and offices, the defendants claimed their innocence, mentioning a tax issue. They eventually guilty in courts.<\/p>\n<p>&nbsp;<\/p>\n<p>There are 6 other co-defendants (CFO, accountants&#8230;) independently accused. The case is <a href=\"https:\/\/www.courtlistener.com\/docket\/16754354\/united-states-v-carpoff\/\" target=\"_blank\" rel=\"noopener\">USA vs Jeff Carpoff, ED of California, Case 2:20-cr-00017-JAM<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe style=\"background: white;\" src=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.caed.367868\/gov.uscourts.caed.367868.1.0.pdf\" width=\"100%\" height=\"650\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Follow-up to the Solar panel lending Ponzi: the CFO got his own 6 years in the clink.<br \/>\nLes b\u00e9n\u00e9fices \u00e7a se divise, la r\u00e9clusion \u00e7a s&#8217;additionne.<\/p>\n","protected":false},"author":1,"featured_media":7908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11,13],"tags":[35,185,227,311,267],"acf":[],"_links":{"self":[{"href":"https:\/\/navesinkinternational.com\/wp-json\/wp\/v2\/posts\/9286"}],"collection":[{"href":"https:\/\/navesinkinternational.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/navesinkinternational.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/navesinkinternational.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/navesinkinternational.com\/wp-json\/wp\/v2\/comments?post=9286"}],"version-history":[{"count":1,"href":"https:\/\/navesinkinternational.com\/wp-json\/wp\/v2\/posts\/9286\/revisions"}],"predecessor-version":[{"id":12965,"href":"https:\/\/navesinkinternational.com\/wp-json\/wp\/v2\/posts\/9286\/revisions\/12965"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/navesinkinternational.com\/wp-json\/wp\/v2\/media\/7908"}],"wp:attachment":[{"href":"https:\/\/navesinkinternational.com\/wp-json\/wp\/v2\/media?parent=9286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/navesinkinternational.com\/wp-json\/wp\/v2\/categories?post=9286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/navesinkinternational.com\/wp-json\/wp\/v2\/tags?post=9286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}