The co-owners of a California-based solar company pleaded guilty in a $1-billion Ponzi scheme.
Jeff Carpoff had a lot to celebrate as friends and business associates gathered at his company’s Christmas party last year.
DC Solar, however, built and leased only a fraction of the roughly 17,000 mobile units it claimed were in use, authorities allege. Instead, DC Solar used money from new investors to pay off old ones, according to a“This is a sad day for the Carpoffs,” Malcolm Segal, a lawyer for Jeff Carpoff, said in a telephone interview. “The business started with the best of intentions.”The proceeds also fueled the Carpoffs’ personal spending, authorities said.
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