• Burned by Solar

  • Oct 23 2024
  • Length: 1 hr and 8 mins
  • Podcast

Burned by Solar

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  • Summary

  • In the era of climate change, it isn’t just about saving the planet using sustainable methods of energy, it’s about making a fortune from sustainable methods of energy. In this episode, Caleb and Greg discuss the story of DC Solar, a manufacturer of mobile solar generators.SponsorsForwardly - https://ohmyfraud.promo/forwardlyTabs - https://ohmyfraud.promo/tabsPractice Protect - https://ohmyfraud.promo/protect(00:00) - Introduction to the Unlikely Innovator(01:00) - Listener Reviews and Reactions(02:16) - Jeff Karpoff's Early Life and Struggles(09:19) - The Birth of DC Solar(12:27) - The Solar Eclipse Generator(13:36) - Hollywood's Interest and Initial Success(25:21) - Cracks in the Business Model(29:30) - The Ponzi Scheme Unveiled(30:58) - Jeff Karpoff's Extravagant Lifestyle(32:47) - NASCAR Sponsorship and DC Solar's Rise(35:18) - The IRS and Investor Scrutiny(36:29) - Bogus Reports and Fake Leases(38:18) - Massive Deals and Manufacturing Issues(39:49) - Fraudulent Practices Unveiled(53:02) - The Whistleblower and Legal Consequences(56:57) - The Aftermath and Loose Ends(58:30) - Lessons Learned and Final ThoughtsHOW TO EARN FREE CPEIn less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appQuestions? Need help? Email support@earmarkcpe.com.CONNECT WITH THE HOSTSGreg Kyte, CPATwitter: https://twitter.com/gregkyteLinkedIn: https://www.linkedin.com/in/gregkyte/Caleb NewquistTwitter: https://twitter.com/cnewquistLinkedIn: https://www.linkedin.com/in/calebnewquist/Email us at ohmyfraud@earmarkcpe.comSources:The Billion-Dollar Ponzi Scheme That Hooked Warren Buffett and the U.S. Treasury [The Atlantic]Massive $1 billion solar power ponzi scheme results in the largest single-owner car collection ever auctioned by the U.S. Marshals Service — including Burt Reynolds’ Trans Am [AP]Obama Administration Announces Columbus, OH Winner of the $40 Million Smart City Challenge to Pioneer the Future of Transportation [WH]Federal agents raid home, business of Martinez resident [Martinez News-Gazette]DC Solar companies file Chapter 11 bankruptcy, Carpoffs leave leadership roles [Martinez News-Gazette]DC Solar files Chapter 11 bankruptcy, court papers show multi-million dollar debt [Martinez News-Gazette]Two plead guilty to participation in a Ponzi scheme involving $2.5 billion in transactions and $1 billion in loss [DOJ]Third Conspirator Pleads Guilty to Participation in a Ponzi Scheme Involving $2.5B in Transactions and $1B in Loss [DOJ]Fourth Conspirator Pleads Guilty to Participation in a Ponzi Scheme Involving $2.5B in Transactions and $1B in Loss [DOJ]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 [DOJ]Seventh Conspirator Pleads Guilty to Participation in the DC Solar Ponzi Scheme Involving $2.5B in Transactions and Nearly $1B in Loss [DOJ]DC Solar Owner Sentenced to 30 Years in Prison for Billion Dollar Ponzi Scheme [DOJ]DC Solar Owner Sentenced to Over 11 Years in Prison for Billion Dollar Ponzi Scheme [DOJ]Pleasant Hill man sentenced to 6.5 years in prison for billion dollar DC Solar Ponzi scheme [IRS]Vacaville Man Sentenced to 8 Years in Prison for Billion Dollar DC Solar Ponzi Scheme [DOJ]​​Nixon Peabody Gets OK For Deal With DC Solar Investors [Law360]Berkshire Takes Tax Hit as Victim of ‘Ponzi-Type’ Solar Scheme [Bloomberg]Martinez Clippers [Wikipedia] City ends Clippers license agreement [Martinez News-Gazette]Carpoff’s seized auto collection headed to auction [Martinez News-Gazette]Nearly 150 Collector Cars Seized in an FBI Raid Head to Auction [Motortrend]
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