About Solar power generation sentenced
The owner of a California-based solar energy company has been sentenced to 30 years in federal prison for bilking investors in a billion-dollar Ponzi scheme, prosecutors say.
The owner of a California-based solar energy company has been sentenced to 30 years in federal prison for bilking investors in a billion-dollar Ponzi scheme, prosecutors say.
SACRAMENTO, Calif. (AP) — A former executive of a California solar power company was sentenced Tuesday to 6 1/2 years in prison and ordered to pay nearly $620 million in restitution for his role in.
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6 FAQs about [Solar power generation sentenced]
What happened to a former solar power executive?
SACRAMENTO, Calif. (AP) — A former executive of a California solar power company was sentenced Tuesday to 6 1/2 years in prison and ordered to pay nearly $620 million in restitution for his role in a $1 billion fraud scheme, federal prosecutors said.
How much restitution did a California Solar executive get?
(AP Photo/Rich Pedroncell, File) SACRAMENTO, Calif. (AP) — A former executive of a California solar power company was sentenced Tuesday to eight years in prison and ordered to pay nearly $620 million in restitution for his role in a $1 billion fraud scheme, federal prosecutors said.
Is DC Solar a Ponzi scheme?
In reality, DC Solar sold more generators than it made, used phony financial statements and lease contracts to conceal the fraud and in a classic Ponzi scheme repaid early investors with money from later ones, prosecutors said.
Was DC Solar a scam?
It was the largest criminal fraud scheme in the history of the district, which includes Sacramento and Fresno. According to prosecutors, from 2011 to 2018, DC Solar manufactured mobile solar generator units and, because they used solar energy, buyers could obtain federal tax credits. The reality was much different, authorities say.
What happened to DC Solar?
The company, DC Solar, in Benicia, Calif., is now defunct. DC Solar lured investors by falsifying financial statements and lying about the potential revenue from leasing the machines, also known as M.S.G.s, for which they could receive tax credits, the U.S. attorney’s office said in a statement on Tuesday.
Should DC Solar buy generators and lease them back to DC Solar?
But executives started telling investors they could benefit from federal tax credits by buying the generators and leasing them back to DC Solar, which would then provide them to other companies for their use, prosecutors said.