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.
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- (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 Thoughts
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CONNECT WITH THE HOSTS
Greg Kyte, CPA
Twitter: https://twitter.com/gregkyte
LinkedIn: https://www.linkedin.com/in/gregkyte/
Caleb Newquist
Twitter: https://twitter.com/cnewquist
LinkedIn: https://www.linkedin.com/in/calebnewquist/
Email us at [email protected]
Sources:
- 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]
