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. Sponsors Forwardly - https://ohmyfraud.promo/forwardly Tabs - https://ohmyfraud.promo/tabs Practice 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 Thoughts HOW TO EARN FREE CPE In 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/id1562599728 Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app Questions? Need help? Email
[email protected] . 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]
