Excerpts from article:
...SACRAMENTO - The owners of a once-mighty Benicia solar company pleaded guilty Friday to running what federal prosecutors describe as a massive Ponzi scheme that raked in more than $900 million.
...Jeff and Paulette Carpoff, of Martinez, pleaded guilty in a Sacramento federal courthouse Friday morning, according to prosecutors.
...Both charges center on DC Solar, which the Carpoffs owned.
...Jeff Carpoff now faces up to 30 years in prison, while Paulette Carpoff faces a maximum of 15 years.
...The scheme, though complex, can be boiled down to this: The Carpoffs, along with several co-conspirators, oversold, making transactions to sell $2.5 billion worth of solar panels, or 17,000 units.
Submitted 1551 days ago
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